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Mangeet Kaur Bouns

Should You Consider Investing in Hertz Global?

HTZ Hertz Hertz Global Tesla Inc. Mangeet Kaur BounsMangeet Hertz Global Holdings Inc

Hertz Global Holdings, Inc. (HTZ), a car rental company, reported weak first-quarter 2024 results. Hertz announced it was reducing its EV fleet by another 10,000 and incurred a $195 million charge during the first quarter. That charge contributed to a $588 million rise in vehicle depreciation, resulting in a per-share loss nearly three times worse than analysts expected.

Moreover, in January, the car rental firm incurred a $245 charge as it moved to offload 20,000 EVs. These combined actions will cut Hertz’s EV fleet in half, with a significant portion consisting of Tesla, Inc. (TSLA).

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