Hertz’s Troubled EV Rollout: Ride-Share Drivers Bear the Brunt
Hertz is selling its EVs because it botched the rollout for ride-share drivers It's a precautionary tale for how to assess new markets — and how not to introduce a new product.
Hertz made a splash in 2021 when it announced that it would buy 100,000 Tesla Model 3 sedans in a little over a year.
Hertz said in an SEC filing that it would be selling 20,000 of its EVs and replacing them with fossil fuel-powered vehicles.
After Hertz started buying EVs, it directed most of them to Uber drivers.
Uber drivers also rented the cars for longer periods of time, Hertz said, meaning that fewer employees were needed to support a given number of vehicles.
