Hertz Faces Financial Struggles Amid Tesla EV Fleet Challenges

The rental car company reports a significant quarterly loss, driven by a $1 billion impairment charge and depreciating electric vehicle values.

Hertz's third-quarter loss was deeper than expected, with a 68 cents per share loss exceeding forecasts.
The company took a $1 billion non-cash impairment charge due to declining fleet residual values.
Revenue fell 5% year-over-year to $2.58 billion, missing analyst expectations.
Hertz's strategy to increase electric vehicle rentals backfired, leading to high depreciation and repair costs.
The company's stock initially dropped but later recovered slightly, though it remains down nearly 69% for the year.