Green new flop: Hertz sells 20,000 electric cars to buy gas-powered cars
In a blow to President Joe Biden’s green energy agenda, car rental company Hertz is selling tens of thousands of electric vehicles (EVs) to buy gasoline-powered cars due to a lack of demand.
Hertz executives announced Thursday that they will sell 20,000 electric vehicles from their fleet, accounting for about 33 percent of the company’s total EV fleet.
In return, Hertz will use the money from electric car sales for gas-powered cars, which executives say are in much higher demand than electric cars, according to Bloomberg. reported:
Hertz Global Holdings Inc. plans to sell a third of its U.S. electric fleet and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options. [Emphasis added]
The dramatic turnaround after Hertz announced plans to buy 100,000 Tesla Inc. vehicles in 2021. to buy, this underlines the declining demand for fully electric cars in the US. Electric vehicle sales growth slowed sharply over the course of 2023, rising just 1.3% in the final quarter as consumers were put off by high costs and interest rates. [Emphasis added]
“The high costs associated with electric cars persisted,” Hertz CEO Stephen Scherr said this in an interview. “Efforts to control it proved to be more challenging.” [Emphasis added]
Due to a lack of demand, Hertz executives said their plans to buy 175,000 electric vehicles from General Motors (GM) and 65,000 electric vehicles from Polestar may be postponed.
The news comes as U.S. car dealers have warned that consumers are far less likely to buy electric cars than traditional gas-powered cars, despite all the Biden administration’s efforts to convert Americans to EVs.
“The reality, however, is that demand for electric vehicles today is not keeping pace with the large influx of cars [EVs] that arrive at our dealers in accordance with the applicable regulations. [EVs] are piling up on our lots,” American car dealers warned Biden in a letter last year.
The Biden administration’s massive taxpayer-funded investments in electric vehicles have yet to pay off. For example, the $7.5 billion allocated to building electric chargers in the US has yet to produce a single charger.
John Binder is a reporter for Breitbart News. Email him at firstname.lastname@example.org. Follow him on Twitter here.
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