Although I believe the future belongs to renewable energy and electric vehicles, the transition is going to be bumpy. This is something I have emphasized for years. This year provides a great example. Renewables got off to a great start this year, but then higher interest rates started to impact growth projections.
Those plans have slowed, as the company currently only had about 50,000 EVs in service as of Q3 2023. EVs now comprise 11% of Hertz’s total fleet, with Teslas making up 80% of those vehicles. It appears that the timing of reaching the 100,000 mark is now uncertain due to a slowdown in its efforts to electrify its fleet.
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