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Hertz's fire sale has dramatically reduced the prices of Teslas and other EVs to around $25,000, providing buyers with a unique opportunity to purchase inspected, warrantied electric vehicles.
Hertz Offers Teslas and Other EVs at Unprecedented Prices as Part of Major Fleet Reduction
According to Teslarati, Hertz, a rental car company, has continued to dispose of its electric vehicles (EVs) after announcing a significant departure from its initial electrification strategy. Hertz has reduced the prices of several of its electric vehicles (EVs), including Tesla and non-Tesla models, to industry-low levels as part of the sale. Consequently, the average price of many of its electric vehicles is now approximately $25,000.
After announcing in January that it would strategically reduce its EV fleet by approximately 20,000 vehicles, Hertz has endeavored to sell off Teslas and other EVs this year. As per a spokesperson, the company's electric cars are currently priced at approximately $25,000, with no haggling involved, as reported by CNBC.
"Our EVs can be found nationwide in most major metros and averaging around $25,000," wrote one Hertz spokesperson in an email to CNBC.
Hertz assures the quality of its sale vehicles, each undergoing a comprehensive 115-point inspection. The cars are also sold with a powertrain warranty of one year or 12,000 miles, whichever occurs first. The company offers a seven-day or 250-mile buy-back guarantee to enhance the buyer's confidence further. Additionally, purchasers can acquire upgraded vehicle protection programs that exceed the standard warranty.
Hertz's EV Selloff Includes Federal Tax Credits Amid Market Struggles and Executive Shifts
In addition to the incentives provided by individual states, counties, and municipalities, certain electric vehicles are eligible for federal tax credits of up to $4,000.
The news of Hertz's EV selloff results from an agreement first announced in 2021 between the company and Tesla for 100,000 EVs. This announcement was made just months after the company declared bankruptcy. It also coincides with a slight decrease in the growth of electric vehicle sales in the United States during the first quarter of this year, and Hertz also disclosed substantial losses in the first quarter.
Stephen Scherr, the former CEO of Hertz, resigned in March after the company announced that it would be selling a significant portion of its fleet. Gil West, the former COO of Delta Airlines and General Motors' (GM) self-driving division, Cruise, succeeded Scherr.
