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Hertz (HTZ) disclosed adjusted corporate EBITDA was -$567M in the quarter, driven lower mainly by a $588M increase in vehicle depreciation compared to a year ago, of which $195M related to EVs held for sale. Back in 2021, Hertz (HTZ) made a big bet on EVs, with an order for 100K Tesla (TSLA) vehicles.
CEO update: "Fleet and direct operating costs weighed on this quarter's performance... We're tackling both issues - getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down."
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