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

📆 2024/04/25 18:06:00
📰 ChannelNewsAsia

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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.

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