The declining resale values of electric rental fleet vehicles and consumer reluctance is generating financial headwinds for the global car rental company.
The latest decision follows a one-third cut in Hertz's existing EV fleet as customers and consumers are not embracing EVs as much as expected.
In another sign of EV hesitancy, a new survey shows only 1% of business travelers always rent them when using auto rental companies.
Electric vehicles may seem buggy and expensive now, but prices will inevitably come down as battery technology evolves and EV infrastructure becomes more commonplace.
In another high profile indicator of consumer EV skepticism, the auto rental giant will sell off the EVs to avoid further financial losses.
As part of its pans to introduce 4,000 electric vans to its fleet through 2025, Ryder has made 600 available in California, Texas, and New York.
Eco-powered cars are entering the rent-a-car (RAC)/Short Term Rental (STR) market at a faster pace, while the overall market is strengthening post-pandemic in Spain, Italy and Germany, according new report by Dataforce, a Germany-based provider of fleet market data and automotive intelligence solutions in Europe.
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