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Hertz reveals aggressive Tesla EV sales plan after lackluster quarter

(Credit: Hertz)

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Hertz revealed an even more aggressive plan to sell its inventory of Tesla electric vehicles after another lackluster quarter was caused by depreciation and mismanagement of its EV dreams.

In 2021, Hertz revealed it would buy 100,000 EVs from Tesla, which sent the EV maker’s stock upward and helped it attain the elusive $1 trillion market cap. However, Hertz soon found out that it did not manage the purchase or the maintenance of the Tesla fleet and started to see losses that weighed heavily on its financials.

Hertz continued to commit to a more robust EV fleet. However, Tesla started to cut prices, which effectively started to impact the value of Hertz’s EV fleet. It then made a strategic decision to scale back the number of EVs it had available for rent and started selling them for around $25,000 in some cases.

It also cost former CEO Stephen Scherr his job at the company. However, the losses have continued well after Scherr’s tenure ended, as it reported in Q1 that it incurred a $195 charge to vehicle depreciation to write down the EVs held for sale. Vehicle depreciation increased by $588 million in Q1 compared to Q4 2023.

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Tesla inks $4.2B Hertz deal for 100k electric vehicles

It appears the Hertz losses are continuing. In its Q2 Earnings Report released today, the rental company said it lost $1.44 a share in Q2 and revealed fleet refreshment efforts drove per-unit depreciation to $600 a month, more than three times higher than what it reported a year ago.

Bloomberg first reported on Hertz’s losses.

As a result, Hertz is ramping up its efforts to rid itself of Teslas as new CEO Gil West said better management of the vehicle fleet and more efficient business practices can reverse the losses.

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In terms of its Tesla offloading plan, Hertz said today that it will sell “tens of thousands” of the EVs this year and the overhaul will be complete by the end of next year. Monthly depreciation is expected to normalize to the low $300s per unit once again as the fleet overhaul is finished.

Hertz shares are down 60 percent this year.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at . You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at .

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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 FSD (Supervised) fleet passes 8.4 billion cumulative miles

Tesla’s Full Self-Driving (Supervised) system has now surpassed 8.4 billion cumulative miles.

The figure appears on Tesla’s official safety page, which tracks performance data for FSD (Supervised) and other safety technologies.

Tesla has long emphasized that large-scale real-world data is central to improving its neural network-based approach to autonomy. Each mile driven with FSD (Supervised) engaged contributes additional edge cases and scenario training for the system.

The milestone also brings Tesla closer to a benchmark previously outlined by CEO Elon Musk. Musk has stated that roughly 10 billion miles of training data may be needed to achieve safe unsupervised self-driving at scale, citing the “long tail” of rare but complex driving situations that must be learned through experience.

The growth curve of FSD Supervised’s cumulative miles over the past five years has been notable. 

As noted in data shared by Tesla watcher Sawyer Merritt, annual FSD (Supervised) miles have increased from roughly 6 million in 2021 to 80 million in 2022, 670 million in 2023, 2.25 billion in 2024, and 4.25 billion in 2025. In just the first 50 days of 2026, Tesla owners logged another 1 billion miles.

At the current pace, the fleet is trending towards hitting about 10 billion FSD Supervised miles this year. The increase has been driven by Tesla’s growing vehicle fleet, periodic free trials, and expanding Robotaxi operations, among others.

With the fleet now past 8.4 billion cumulative miles, Tesla’s supervised system is approaching that threshold, even as regulatory approval for fully unsupervised deployment remains subject to further validation and oversight.

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Credit: Tesla

Tesla’s Full Self-Driving (Supervised) system has now surpassed 8.4 billion cumulative miles.

The figure appears on Tesla’s official safety page, which tracks performance data for FSD (Supervised) and other safety technologies.

Tesla has long emphasized that large-scale real-world data is central to improving its neural network-based approach to autonomy. Each mile driven with FSD (Supervised) engaged contributes additional edge cases and scenario training for the system.

Credit: Tesla

The milestone also brings Tesla closer to a benchmark previously outlined by CEO Elon Musk. Musk has stated that roughly 10 billion miles of training data may be needed to achieve safe unsupervised self-driving at scale, citing the “long tail” of rare but complex driving situations that must be learned through experience.

The growth curve of FSD Supervised’s cumulative miles over the past five years has been notable. 

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As noted in data shared by Tesla watcher Sawyer Merritt, annual FSD (Supervised) miles have increased from roughly 6 million in 2021 to 80 million in 2022, 670 million in 2023, 2.25 billion in 2024, and 4.25 billion in 2025. In just the first 50 days of 2026, Tesla owners logged another 1 billion miles.

At the current pace, the fleet is trending towards hitting about 10 billion FSD Supervised miles this year. The increase has been driven by Tesla’s growing vehicle fleet, periodic free trials, and expanding Robotaxi operations, among others.

With the fleet now past 8.4 billion cumulative miles, Tesla’s supervised system is approaching that threshold, even as regulatory approval for fully unsupervised deployment remains subject to further validation and oversight.

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Elon Musk fires back after Wikipedia co-founder claims neutrality and dubs Grokipedia “ridiculous”

Musk’s response to Wales’ comments, which were posted on social media platform X, was short and direct: “Famous last words.”

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UK Government, CC BY 2.0 , via Wikimedia Commons

Elon Musk fired back at Wikipedia co-founder Jimmy Wales after the longtime online encyclopedia leader dismissed xAI’s new AI-powered alternative, Grokipedia, as a “ridiculous” idea that is bound to fail.

Musk’s response to Wales’ comments, which were posted on social media platform X, was short and direct: “Famous last words.”

Wales made the comments while answering questions about Wikipedia’s neutrality. According to Wales, Wikipedia prides itself on neutrality. 

“One of our core values at Wikipedia is neutrality. A neutral point of view is non-negotiable. It’s in the community, unquestioned… The idea that we’ve become somehow ‘Wokepidea’ is just not true,” Wales said.

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When asked about potential competition from Grokipedia, Wales downplayed the situation. “There is no competition. I don’t know if anyone uses Grokipedia. I think it is a ridiculous idea that will never work,” Wales wrote.

After Grokipedia went live, Larry Sanger, also a co-founder of Wikipedia, wrote on X that his initial impression of the AI-powered Wikipedia alternative was “very OK.”

“My initial impression, looking at my own article and poking around here and there, is that Grokipedia is very OK. The jury’s still out as to whether it’s actually better than Wikipedia. But at this point I would have to say ‘maybe!’” Sanger stated.

Musk responded to Sanger’s assessment by saying it was “accurate.” In a separate post, he added that even in its V0.1 form, Grokipedia was already better than Wikipedia.

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During a past appearance on the Tucker Carlson Show, Sanger argued that Wikipedia has drifted from its original vision, citing concerns about how its “Reliable sources/Perennial sources” framework categorizes publications by perceived credibility. As per Sanger, Wikipedia’s “Reliable sources/Perennial sources” list leans heavily left, with conservative publications getting effectively blacklisted in favor of their more liberal counterparts.

As of writing, Grokipedia has reportedly surpassed 80% of English Wikipedia’s article count.

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Tesla Sweden appeals after grid company refuses to restore existing Supercharger due to union strike

The charging site was previously functioning before it was temporarily disconnected in April last year for electrical safety reasons.

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Credit: Tesla Charging

Tesla Sweden is seeking regulatory intervention after a Swedish power grid company refused to reconnect an already operational Supercharger station in Åre due to ongoing union sympathy actions.

The charging site was previously functioning before it was temporarily disconnected in April last year for electrical safety reasons. A temporary construction power cabinet supplying the station had fallen over, described by Tesla as occurring “under unclear circumstances.” The power was then cut at the request of Tesla’s installation contractor to allow safe repair work.

While the safety issue was resolved, the station has not been brought back online. Stefan Sedin, CEO of Jämtkraft elnät, told Dagens Arbete (DA) that power will not be restored to the existing Supercharger station as long as the electric vehicle maker’s union issues are ongoing. 

“One of our installers noticed that the construction power had been backed up and was on the ground. We asked Tesla to fix the system, and their installation company in turn asked us to cut the power so that they could do the work safely. 

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“When everything was restored, the question arose: ‘Wait a minute, can we reconnect the station to the electricity grid? Or what does the notice actually say?’ We consulted with our employer organization, who were clear that as long as sympathy measures are in place, we cannot reconnect this facility,” Sedin said. 

The union’s sympathy actions, which began in March 2024, apply to work involving “planning, preparation, new connections, grid expansion, service, maintenance and repairs” of Tesla’s charging infrastructure in Sweden.

Tesla Sweden has argued that reconnecting an existing facility is not equivalent to establishing a new grid connection. In a filing to the Swedish Energy Market Inspectorate, the company stated that reconnecting the installation “is therefore not covered by the sympathy measures and cannot therefore constitute a reason for not reconnecting the facility to the electricity grid.”

Sedin, for his part, noted that Tesla’s issue with the Supercharger is quite unique. And while Jämtkraft elnät itself has no issue with Tesla, its actions are based on the unions’ sympathy measures against the electric vehicle maker. 

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“This is absolutely the first time that I have been involved in matters relating to union conflicts or sympathy measures. That is why we have relied entirely on the assessment of our employer organization. This is not something that we have made any decisions about ourselves at all. 

“It is not that Jämtkraft elnät has a conflict with Tesla, but our actions are based on these sympathy measures. Should it turn out that we have made an incorrect assessment, we will correct ourselves. It is no more difficult than that for us,” the executive said. 

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