News Formal

Hertz Global eyes worst day on record as EV rental business falters

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

Shares of Hertz Global slumped 24 per cent and were on track for their sharpest one-day percentage fall on record on Thursday after the company reported a wider-than-expected quarterly loss, highlighting its struggles with the EV rental business.

Cars are parked near Hertz car rental signage at John F. Kennedy International Airport in Queens, New York City, U.S., March 30, 2022. REUTERS/Andrew Kelly/File Photo

The Estero, Florida-based company said it took a $588 million hit in vehicle depreciation costs during the quarter, of which $195 million was related to EVs held for sale. Excluding items, Hertz reported a loss of $1.28 per share, well above Wall Street's expectations of a loss of 44 cents per share.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore stocks took a hit on Thursday—STI down 0.9%Banking stocks weren't spared in the morning hustle either.
Source: IndependentSG - 🏆 9. / 63 Read more »