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Hertz continues to get thrashed by EVs, updates plans for massive fire sale

Credit: Hertz

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Hertz revealed during its Q3 Earnings Call on Tuesday that it is continuing to get thrashed by the massive electric vehicle purchase it made several years ago as the value of the EV fleet continues to depreciate.

In October 2021, Hertz announced that it had bought 100,000 EVs from Tesla for $4.2 billion. It was the rental service’s attempt at adding sustainable powertrains to its fleet, and it went with Tesla because of the company’s prowess in the industry.

However, massive price cuts to the Tesla lineup brought large-scale losses to Hertz as the value of its fleet was reduced overnight. Since then, the company has been struggling with the effects of its purchase, which also included EVs from Polestar.

Initially, Hertz was doing well due to its EV strategy, but it lost its CEO and decided to begin a fire sale of its electric vehicles in an effort to limit its losses.

In January 2024, Hertz said it had come to a “strategic decision” to begin selling its EVs, attempting to recoup losses and put a bandage over the damage it had already felt.

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Hertz reveals aggressive Tesla EV sales plan after lackluster quarter

It continued with this plan in August, as it said it would sell “tens of thousands” of EVs in its fleet to help diminish these losses.

Things have continued, but now it has a goal of how many EVs it wants to have in its fleet by the end of 2024. During the company’s Earnings Call, it said it would likely be finished with the EV sale by the end of 2025.

Hertz still aims to sell 30,000 EVs by the end of 2024, and it aims to have a fleet that will align with how many EVs it rents out to customers, not an overconcentration of the powertrain. This strategy has effectively caused millions in losses over the past few quarters.

This earnings call was not friendly to the company’s financials. It reported a loss of $0.68 per share. Wall Street estimated a loss of $0.46 per share, Bloomberg reported.

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You can purchase Hertz EVs through the company’s website here.

Need accessories for your Tesla? Check out the Teslarati Marketplace:

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla is building a new UFO-inspired Supercharger in the heart of Alien country

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Credit: MarcoRP | X

Tesla is planning to build a new UFO-inspired Supercharger in the heart of Alien country — Roswell, New Mexico.

Back in 1947, a crash of debris led to rumors of an alleged crash of a UFO just 75 miles north of Roswell near Corona, New Mexico. The crash was officially noted as the recovery of a military balloon, but over the years, speculation persists that the “flying disc” many saw might have been extraterrestrials trying to make contact with Earth.

As a result of the 1947 crash, Roswell has adopted it and used it as the inspiration for much of its tourism. As Tesla is planning to build a Supercharger in the area, it is using the same sort of inspiration for the location, which will feature just eight charging stalls located under a CyberCanopy.

It was first spotted by MarcoRP, a noted Supercharger permit insider:

Here are some better pictures of the design:

Tesla’s Head of Charging for North America, Max de Zegher, confirmed that the site will be inspired by the events near Roswell in 1947. He noted that Tesla “wants to build a few Superchargers cool enough to be worth of the trip itself.”

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This will undoubtedly be one of those locations, and along with the Tesla Drive-in Diner Supercharger in Santa Monica, it seems the company could be moving toward some more unique designs for the future, making the charging experience more fun and interesting for owners:

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This Tesla vandal caused thousands in damage, but she was let off the hook: Here’s why

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Credit: Tesla

A Tesla vandal in Bloomington, Minnesota, caused $3,200 in damages to a car after keying it. However, the local police department, as well as the owner of the Tesla, let her off the hook.

As a Tesla sat in the parking lot of a Cub Foods grocery store, it was damaged in an act of vandalism that we are unfortunately seeing all too frequently. Police managed to locate the woman responsible for the damage, aiming to hold her responsible for the scrapes she applied to the vehicle.

However, in an act that many might not be able to perform, the owner of the Tesla did not want to pursue any criminal charges. Instead, they just wanted their car fixed.

Police Chief Booker Hodges said (via Minnesota Star Tribune):

“The victim in this case just wanted their car fixed, and they just wanted the suspect to pay for that. Based on the totality of the circumstances here, and along with our core value of being compassionate, this is the best outcome for everybody involved in this case.”

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It was an incredible act of forgiveness, as many of those who have had their Teslas damaged in response to CEO Elon Musk likely would not have been able to do the same thing. One person who had their vehicle keyed filed a civil lawsuit against the vandal, who damaged their car while it was parked at Dallas-Fort Worth International Airport, seeking $1 million in damages.

Chief Hodges finished his remarks about this specific situation by calling out the leaders who have spread a hateful narrative about Musk and Tesla, and the company’s vehicle owners as well:

“We need our leaders to start leading and stop feeding this rhetoric. People should be able to drive whatever car they want without fear of going into a store and someone scratching their car or people yelling at them because of the car that … they choose to drive. It’s time for all of us, you know, just to start getting along and knock this stuff off, man. People should be able to be left alone.”

While Chief Hodges did not mention anyone specifically, Minnesota politician and former VP candidate Tim Walz said earlier this month that he “gets a boost” when Tesla stock falls. He later retracted his statement by stating it was just a joke.

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Tesla Model Y tops Norway sales despite low Q1 delivery results

The new Model Y ended March as Norway’s top-selling vehicle for the month, with 1,819 units sold.

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Credit: Tesla China

Tesla did not meet delivery expectations in the first quarter of 2025, and a huge reason behind this was the changeover to the new Model Y in Giga Texas, the Fremont Factory, Giga Shanghai, and Giga Berlin.

Despite Tesla’s disappointing Q1 vehicle delivery results, the new Model Y still made a significant impact in key markets such as Norway.

The new Model Y’s Norway Comeback

While sales of the new Model Y in January and February were low in Norway, the vehicle saw a lot of momentum as soon as deliveries of the updated all-electric crossover started. This resulted in the new Model Y ending March 2025 as Norway’s top-selling vehicle for the month, with 1,819 units sold.

Over the course of Q1 2025, Tesla was able to sell a total of 2,792 Model Y units. That was enough to also make the all-electric crossover Norway’s best-selling vehicle in the first quarter. This is quite an impressive feat for Tesla, especially since sales were throttled during the quarter due to the company’s changeover to the new Model Y.

Source: Elbilstatistikk

Tesla in Other European Markets

Tesla’s results in Europe during the first quarter were a mixed bag. In Germany alone, Tesla saw 4,935 vehicles sold in Q1 2025. As per the German road traffic agency KBA, Tesla’s sales in March dropped 42.5% to 2,229 units year-over-year. This was despite overall EV registrations rising 35.3% during the month. 

In Italy, new vehicle registrations rebounded 51% in March from the previous year to 2,217 units, as per data from the Transport Ministry. This is still quite impressive considering that Tesla has become a very polarizing carmaker in Europe, thanks in no small part to CEO Elon Musk’s politics and close relation to U.S. President Donald Trump.

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