Hertz CEO Stephen Scherr told CNBC's Jim Cramer that his company will continue buying electric vehicles despite problems with the cars over the last quarter.
"I think there's no technology change, EVs included, that run a straight line without some hiccups and challenges, and that's this," Scherr said.Thursday that his company will continue buying electric vehicles for its fleet, even though the cars caused some headaches during the last quarter.before the market open Thursday, with revenue in line with Wall Street estimates but earnings per share coming in lower than expected.
"I think there's no technology change, EVs included, that run a straight line without some hiccups and challenges, and that's this," Scherr said."The line from A to B is not always straight, it's not that here. Depreciation is higher because the MSRP came down, but we're a better buyer on the forward."to its models.
EVs make up about 11% of Hertz's fleet, with Teslas accounting for 80% of the group, Scherr said. He added that Hertz will buy more Teslas as well as"I would say that GM has a very broad, very well-oiled part supply network that will benefit in how we operate those cars," he said."Tesla, no doubt, will develop that over time."