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Hertz has announced that it will sell off roughly 30%, or 20,000 vehicles, of its EV fleet. The move came after it announced a scale-back from its original goal of electrifying 25% of the rental fleet. Hertz's original goal was to acquire 100,000 Tesla and 65,000 from Polestar over five years. Teslas make up roughly 80% of the Hertz EV fleet. At the time of this writing, there are 631 Teslas for sale on Hertz's website and only 40 EVs from other brands. In a statement, Hertz cited substantially higher than average repair costs "for EVs" with extended wait times for parts availability. Additionally, Hertz reported that manufacturers' new lower retail prices hurt the resale values of the existing fleet, leading to substantial depreciation losses. Hertz is expecting to take a $245 million write-down on the vehicles, or an average loss of $12,250 per vehicle. Unlike other brands, Teslas purchased by Hertz were purchased at the same retail price the general public pays without any volume discount. Our take While many in the anti-EV crowd see this as an indictment against EVs, it is really more of an indictment against Tesla. Tesla's use of the Gigapress, while revolutionary technology, means that even minor collisions can be catastrophic to the vehicle. But this technology is coming to other brands as well. General Motors has purchased a Gigapress manufacturer and Volkswagen is planning on using Gigapress in their future vehicles. Additionally, Tesla does not have a deep reserve of spare parts, leading to long wait times for repairs. Tesla's erratic pricing moves have also made it difficult to accurately predict resale value of their vehicles. For an individual, it is an annoyance but for a corporation that buys 100,000 vehicles, it can cost hundreds of millions of dollars. But Hertz's loss could be your gain. If you have been looking at purchasing an EV but don't want to pay the high prices of a new one, a wave of Tesla Model-3 and Model-Y are about to hit the market. Couple that with a $4,000 tax credit for pre-owned EVs and there will be good deals to be had. Even if you do not buy one of the Teslas from Hertz, this move will likely drop the price of used EVs on the market, so keep your eyes open for a deal. View full article
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Hertz has announced that it will sell off roughly 30%, or 20,000 vehicles, of its EV fleet. The move came after it announced a scale-back from its original goal of electrifying 25% of the rental fleet. Hertz's original goal was to acquire 100,000 Tesla and 65,000 from Polestar over five years. Teslas make up roughly 80% of the Hertz EV fleet. At the time of this writing, there are 631 Teslas for sale on Hertz's website and only 40 EVs from other brands. In a statement, Hertz cited substantially higher than average repair costs "for EVs" with extended wait times for parts availability. Additionally, Hertz reported that manufacturers' new lower retail prices hurt the resale values of the existing fleet, leading to substantial depreciation losses. Hertz is expecting to take a $245 million write-down on the vehicles, or an average loss of $12,250 per vehicle. Unlike other brands, Teslas purchased by Hertz were purchased at the same retail price the general public pays without any volume discount. Our take While many in the anti-EV crowd see this as an indictment against EVs, it is really more of an indictment against Tesla. Tesla's use of the Gigapress, while revolutionary technology, means that even minor collisions can be catastrophic to the vehicle. But this technology is coming to other brands as well. General Motors has purchased a Gigapress manufacturer and Volkswagen is planning on using Gigapress in their future vehicles. Additionally, Tesla does not have a deep reserve of spare parts, leading to long wait times for repairs. Tesla's erratic pricing moves have also made it difficult to accurately predict resale value of their vehicles. For an individual, it is an annoyance but for a corporation that buys 100,000 vehicles, it can cost hundreds of millions of dollars. But Hertz's loss could be your gain. If you have been looking at purchasing an EV but don't want to pay the high prices of a new one, a wave of Tesla Model-3 and Model-Y are about to hit the market. Couple that with a $4,000 tax credit for pre-owned EVs and there will be good deals to be had. Even if you do not buy one of the Teslas from Hertz, this move will likely drop the price of used EVs on the market, so keep your eyes open for a deal. -
Tesla announced that beginning today, the standard version of the Model 3 with a base price of $35,000 is available for order. The base Model 3 has a top speed of 130 mph and a 0-60 time for 5.6 seconds. Additionally, Tesla will be introducing a Model 3 Standard Range Plus with 240 miles of range, top speed of 140mph, 0-60 of 5.3 seconds, and some interior upgrades for $37,000 before incentives. Tesla claims that these upgrades give customers 9% more range for 6% more money. Existing Model 3 drivers will be receiving firmware updates that will increase the range of the Long Range rear-wheel drive Model 3 to 325 miles and the Model 3 Performance top speed to 162 mph. The firmware update for all Model 3 cars will give an approximate 5% power increase. In the same announcement, Tesla revealed that they will be closing most of their retail locations with the exception of a few high traffic outlets and moving to an online-only sales model. Customers buying a Model 3 will now be able to try the car for 7 days or 1,000 miles and return it for free. Tesla claims that this will ease customer concerns about being able to test drive the vehicle before purchase. By moving to an online-only system, Telsa claims that it will be able to reduce prices 6% on average. Tesla is moving to a Same-Day and in some locations Same-Hour service system where Tesla comes to the driver rather than the traditional method of vehicle service. Tesla is also guaranteeing everywhere in every country they sell in. View full article -
Tesla announced that beginning today, the standard version of the Model 3 with a base price of $35,000 is available for order. The base Model 3 has a top speed of 130 mph and a 0-60 time for 5.6 seconds. Additionally, Tesla will be introducing a Model 3 Standard Range Plus with 240 miles of range, top speed of 140mph, 0-60 of 5.3 seconds, and some interior upgrades for $37,000 before incentives. Tesla claims that these upgrades give customers 9% more range for 6% more money. Existing Model 3 drivers will be receiving firmware updates that will increase the range of the Long Range rear-wheel drive Model 3 to 325 miles and the Model 3 Performance top speed to 162 mph. The firmware update for all Model 3 cars will give an approximate 5% power increase. In the same announcement, Tesla revealed that they will be closing most of their retail locations with the exception of a few high traffic outlets and moving to an online-only sales model. Customers buying a Model 3 will now be able to try the car for 7 days or 1,000 miles and return it for free. Tesla claims that this will ease customer concerns about being able to test drive the vehicle before purchase. By moving to an online-only system, Telsa claims that it will be able to reduce prices 6% on average. Tesla is moving to a Same-Day and in some locations Same-Hour service system where Tesla comes to the driver rather than the traditional method of vehicle service. Tesla is also guaranteeing everywhere in every country they sell in.- 33 comments
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Tesla makes zero profit. Mitsu,,, actually I have no idea if they make a profit or not, but the billions it would take to develop EVs priced like EVs already here (or will be before mitsu gets off it's ass) would just accelerate mitsu's losses. And newsflash- "$35K" isn't "cheap".
