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☆ I'm an autos reporter who's driven plenty of EVs. My first experience with a Tesla was still eye-opening.
▼ + stars: | 2024-01-21 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Driving a Tesla is unlike any other experience I've had behind the wheel. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn the more than 10 years I've been covering the automotive industry, I've driven plenty of cars — electric, hybrid, and gas-powered. AdvertisementAlong the way, I found that much of my past experience didn't serve me in a Tesla. Musk's cars are a wholly unique experience, from the drive and feel of the car down to the way you can interact with the technology.

Persons: I've, I'm, —, Teslas, Elon, didn't Organizations: Service, Hertz . Business Locations: Teslas

☆ How to find a hobby
▼ + stars: | 2024-01-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +7 min

But if that's not for you — or if you're struggling to find something to do outside of work — experts shared how to find a hobby. The big storyA guide to finding a hobbyRobyn Phelps/InsiderHaving a hobby can help people tackle their work and personal life with more energy. Treat finding a hobby like a projectYou likely won't find the perfect fit immediately, Laura Vanderkam, the author of "168 Hours: You Have More Time Than You Think," told me. Or if they're also trying to find a hobby, ask what the people around them do for fun. Be patient but proactiveAdvertisementVanderkam told me that finding a hobby just takes a bit of time, experimentation, and being open to different things.

Persons: —, that's, Robyn Phelps, I've, Alexis Haselberger, Laura Vanderkam, It'll, Vanderkam, Haselberger, they're, she's, Joey Hadden, andresr, Kornmesser NASA's James Webb, Gen, Patrick Pleul Organizations: Service, Business, Orient, Express, Volkswagen, Ford, Tesla, LinkedIn, ESO, ESA, Hubble, Kornmesser NASA's James Webb Space Telescope, IKEA, Getty, Ikea Locations: Venice, Brandenburg, Schönefeld, Dahme

☆ Why 2023 Was a Perfect Storm for EVs That Gave China an Edge
▼ + stars: | 2024-01-20 | by ( Graham Rapier | Cadie Thompson | ) www.businessinsider.com time to read: +3 min

"You cannot have EVs that cost $70,000, $80,000, you need to get EVs down to $30,000 or less. But EV prices are still about 28% more expensive than average gas-vehicle prices, an analysis by CarGurus found. AdvertisementLang laid out three reasons China is finding success where competitors are struggling:Scale"The Chinese OEMs are already profiting off a large domestic market," he said. "The Chinese EV players are here to stay," he continued. They may eventually try entering the US market, Lang said, but it might not be easy given all the local competition and incentives to buy domestically.

Persons: —, That's, Nikolaus Lang, Kelley, CarGurus, Lang Organizations: Service, Business, Boston Consulting Group, Economic, American, EV Locations: Davos, Switzerland, China, Europe, America

☆ Ford is cutting back F-150 Lightning electric truck production
▼ + stars: | 2024-01-19 | by ( Peter Valdes-Dapena | Chris Isidore | ) edition.cnn.com time to read: +3 min

CNN —Ford will shut down one of two production shifts in April at the Dearborn, Michigan, factory that builds the F-150 Lightning electric pickup. The move is part of “matching F-150 Lightning production to customer demand,” the company said Friday. While sales of electric vehicles increased in 2023, the growth was slower than many industry experts had expected. Ford still projects an increase in Lightning sales this year after a 55% jump to 24,000 trucks last year. The 24,000 in Lightning sales is still a small fraction of overall Ford F-series pickup sales.

Persons: CNN — Ford, Ford, “, ”, Jim Farley, Carlos Tavares, “ I’ve, ” Tavares, Ramcharger Organizations: CNN, General Motors, Chevrolet Silverado EV, Ford, Lightning, Rouge Electric Vehicle Center, Michigan Assembly Plant, Ford Bronco, United Auto Workers, EV, ” Ford Locations: Dearborn , Michigan, United States, Michigan, Rouge, Tennessee, Kentucky, Europe

☆ Ford cuts production of F-150 Lightning EV, adds jobs at Bronco and Ranger plant
▼ + stars: | 2024-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor is increasing production of its Bronco SUV and Ranger pickup, while cutting production of its all-electric F-150 Lightning, the automaker said Friday. Ford said the production changes are intended to match production with customer demand. They mark the latest cuts or delays to production of EVs amid slower-than-expected customer demand. Customers love the F-150 Lightning, America's best-selling EV pickup," Ford CEO Jim Farley said in a release. The automaker will be reducing production of the Lightning at its Rouge Electric Vehicle Center in Michigan to one production shift from two, impacting approximately 1,400 employees.

Persons: Ford, America's, Jim Farley Organizations: DETROIT, CNBC, Electric Vehicle Center Locations: Michigan

☆ Ford's move to cut F-150 Lightning production will help the automaker optimize profitability
▼ + stars: | 2024-01-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Ford announced Friday it's reducing production of its F-150 Lightning all-electric pickup truck, starting April 1, due to slowing demand for EVs. The automaker said the Lightning cuts are being made to achieve the "optimal balance of production, sales growth and profitability." But since Ford is cutting back EV production, the automaker's goal of scaling up its EV buildout could be delayed. In fact, the Maverick Hybrid sales exceeded the F-150 Hybrid last year with a 67% increase to more than 52,300 vehicles. A Ford F-150 Lightning pickup truck is shown at the Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.

Persons: Ford, Jim Cramer, Tesla, Jim Cramer's, Jim, Bill Pugliano Organizations: Rouge Electric Vehicle, Plant, CNBC, Ford, ICE, Ford Blue, Rouge Electric Vehicle Center, Getty Locations: Dearborn , Michigan, Michigan, Wayne, Rouge, EVs

☆ Tesla is taking the Cybertruck on a tour of China — but it won't be on sale
▼ + stars: | 2024-01-19 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Tesla is taking the Cybertruck on a tour of China, per a company WeChat post reported by Reuters. However, it's unlikely to be on sale in China soon, with Elon Musk saying it'll be hard to make legal. It comes as Tesla tries to fight off a new wave of competition from Chinese EV makers such as BYD. Elon Musk's company is taking the Cybertruck on a tour of China to show off its futuristic pickup, according to a company post on WeChat reported by Reuters . Elon Musk has previously hinted at the plan, posting on X on Sunday that Tesla could ship some Cybertruck prototypes to China for display.

Persons: Tesla, Elon Musk, —, Elon, Frederic J . Brown, Warren Buffett, Xiaomi, Musk Organizations: Reuters, Service, Elon Musk's, Geely, Huawei, New York Times, Business Locations: China, North America, AFP

☆ BYD and more: AllianceBernstein names top Asian stock picks for the next 6 months, gives one over 60% upside
▼ + stars: | 2024-01-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

"We also believe the demand for memories will remain strong thanks to the growing demand for generative AI and more broadly for compute," the bank's analysts wrote. AllianceBernstein expects the share price of Samsung to hit 92,000 Korean Won ($68.44) in the next 12 months, giving it potential upside of 29.4%. "BYD's unparalleled cost structure and vertical integration of powertrain will enable it to achieve a dominant market share in this segment," the bank's analysts wrote. AllianceBernstein's target price of 334 Hong Kong dollars ($42.71) gives it around 61.5% upside. AllianceBernstein gave the giant a price target of $170, giving it around 33% upside.

Persons: Bernstein, Ann Larson, AllianceBernstein, Tesla, Holdings AllianceBernstein, PDD, — CNBC's Michael Bloom Organizations: Street, Samsung Electronics, SK Hynix The South, Samsung, Won, SK Hynix, Hong, Holdings, PDD Holdings Locations: Asia, China, Hong Kong

☆ Ford cuts electric F-150 Lightning truck production — again
▼ + stars: | 2024-01-19 | by ( Graham Rapier | ) www.businessinsider.com time to read: +2 min

Read previewFord plans to cut production of its electric F-150 Lightning pickup truck once again, it said Friday, citing a problem nearly all automakers have struggled with in the past year: falling demand. About 1,400 employees will be impacted as the plant where Ford's flagship electric truck is produced, the Rouge Electric Vehicle Center, transitions to just one shift per day starting on April 1, Ford said. AdvertisementFord sold fewer than 25,000 of the F-150 Lightning pickup in 2023 as it scaled back production. That still notched it a spot in the top 10 EVs by sales but is dwarfed by traditional F-150 sales of more than 700,000. Ford has also struggled to get dealers on board with its electric sales program, requiring a substantial investment on their part to install chargers and receive new training.

Persons: —, Ford, Tesla Organizations: Service, Business, Rouge Electric Vehicle Center Locations: Wayne, Michigan

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ Stellantis CEO says automaker won't sell EVs at a loss like other carmakers
▼ + stars: | 2024-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Carlos Tavares, CEO of Stellantis, poses during a presentation at the New York International Auto Show in Manhattan, New York, on April 5, 2023. Stellantis won't sell electrified vehicles such as hybrids and all-electric models at a loss like other automakers have, CEO Carlos Tavares said Friday. "Being in Europe as much as in the U.S., we are making money with the electrified vehicles," Tavares said during a roundtable Friday. "We are making money, and it is in our discipline to make sure that whatever we sell we make money with because, if not, then the company will not be sustainable." Stellantis currently has 25 EVs available globally and expects to launch another 23 through the end of this year.

Persons: Carlos Tavares, Stellantis, Tavares Organizations: New York, Auto, Fiat Chrysler, Jeep Locations: Manhattan , New York, Europe, U.S

CEO Carlos Tavares says the company's new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. The company also can build midsize to large vehicles on those underpinnings, including sedans, crossover vehicles, SUVs and even off-road Jeeps. On Friday, Ford said it was cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. Stellantis said vehicles built off the new large platform will be built at multiple North American and European factories. A midsize vehicle platform announced by the company last year has similar flexibility, the company said.

Persons: Carlos Tavares, Tavares, EVs, ” Tavares, balking, Ford, Donald Trump, ”, “, Stellantis, Alfa Romeo, Maserati, It's Organizations: DETROIT, EVs, Dodge, Chrysler, Alfa Locations: U.S, North America

☆ Teslas crash more than gas-powered cars. Here’s why
▼ + stars: | 2024-01-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

Hertz CEO Stephen Scherr noted that the costs of repairs of an electric vehicle are also much higher. Scherr’s statements echoed findings by insurance analysts at LexisNexis who found that, when vehicle owners switch from gasoline-powered cars to electric cars, they tend to crash more. Drivers also tend to crash somewhat more when switching to gas-powered vehicles, too, but the increase is more pronounced with EVs. Mostly a Tesla thingIn both cases – with Hertz and with LexisNexis – “electric vehicles” largely means Teslas. That suggests there may be something about Teslas that’s causing people to crash more than other cars.

Persons: CNN — Hertz, Stephen Scherr, Teslas, Xiaohui Lu, Lu, Tesla, ” Organizations: CNN, Hertz, EV, LexisNexis, Drivers, Data, Tesla, BMW Locations: China, US

Thursday's analyst calls featured an upgrade to a car rental stock and a big downgrade to an airline. The bank also hiked his price target on the tech giant to $225 per share, implying upside of 23%. — Pia Singh 5:36 a.m.: Citi downgrades Spirit Airlines to sell Citi is throwing in the towel on Spirit Airlines . Week to date, Spirit shares are down nearly 60%. Spirit shares were down more than 4% in the premarket.

Persons: Morgan Stanley, Hertz, Andrew Percoco, Percoco, — Pia Singh, Wamsi Mohan, Fred Imbert, Kirk Materne, Materne, Dan Dolev, Dolev, he's, CFRA, Kenneth Leon, Berkshire Hathaway, Leon, Ranjan Sharma, Sharma, bode, Adam Jonas, Jonas, Morgan, Stephen Trent, Trent Organizations: CNBC, flipside, Citi, Spirit Airlines, JetBlue, Bank of America, Apple Bank of America, Apple, Microsoft, ISI, Activision, Activision Blizzard, Mizuho, Fidelity National Information Services, Paramount Global, RedBird Capital, Warner Bros ., Comcast, Paramount's, Showtime, Paramount, JPMorgan, Grab Holdings, Hertz Global Holdings, Jan, Citi downgrades Spirit Airlines, Spirit, Airlines Locations: Berkshire, 1H24, Wednesday's

In frigid temperatures, it can take a half hour to warm the battery so it's ready to charge, Westlake said. Bansal, who has had her Tesla for only a week, didn't know about preconditioning the car before charging, but she does now. So she told the car she was going to the charging station and it was ready by the time she arrived and plugged in. The car, she said, will tell you where charging stations are and how much range you have left. Burney said she loses roughly 15% to 20% of her battery range in cold weather, but it gets dramatically worse in cold snaps like the one this week.

Persons: EVs, ”, Neil Dasgupta, “, Ann Arbor, Bansal's Tesla, Bansal, Bruce Westlake, Westlake, Tesla, Kim Burney's Tesla, Burney, Dasgupta Organizations: University of Michigan, University, Michigan, Bruce, Eastern Michigan Electric Vehicle Association Locations: PITTSFIELD, Mich, Chicago, Texas, Brook , Illinois, Ann Arbor , Michigan, Pittsfield Township , Michigan, Ann, Ann Arbor, Westlake

☆ Americans bought a record number of EVs last year. These were the 10 most popular electric models.
▼ + stars: | 2024-01-17 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Tesla Model Y and Model 3 were the two most popular models in 2023. The most popular EVs last year were also some of the most inexpensive. EV sales surpassed one million units for the first time in 2023. That pushed EVs sales up to nearly 1.2 million last year, according to Kelley Blue Book. This story is available exclusively to Business Insider subscribers.

Persons: —, Kelley Organizations: Tesla, EV, Service, Business

☆ Davos live updates: Iran sends warning to the U.S.; Sam Altman opens up about firing
▼ + stars: | 2024-01-17 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

The European Union's investigation into state subsidies given to Chinese electric vehicle makers is progressing and should deliver its results within nine to 11 months, Valdis Dombrovskis, executive vice president of the European Commission, told CNBC on Wednesday. The probe was launched by the European Union in September to address alleged market distortion from the price of Chinese EVs being kept artificially low. "What we are assessing when launching this investigation, whether there is a threat of injury for EU industry," Dombrovskis said. Dombrovskis also discussed the need for the EU to address its trade deficit with China, as well as its broader long-term competitiveness, and said the institution continued to have concerns about the U.S. Inflation Reduction Act. — Jenni Reid

Persons: Valdis Dombrovskis, Dombrovskis, — Jenni Reid Organizations: European Commission, CNBC, European Union, EU Locations: China

☆ Chinese EV automaker BYD will spend $14 billion developing smart car features that rival Tesla
▼ + stars: | 2024-01-17 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Chinese EV maker BYD has unveiled its new AI-powered Xuanji smart car system. It's part of a $14 billion smart car bet that includes hands-free driving. BYD passed Tesla as the world's biggest EV maker and is now chasing Elon Musk's company on AI. AdvertisementBYD has overtaken Tesla as the world's largest EV maker. The Chinese EV maker unveiled its AI–powered Xuanji smart car system at its "Dream Day" event on Tuesday as it made a big bet on artificial intelligence.

Persons: BYD, Tesla, Elon, —, it's eyeing Elon, Wang Chuanfu, Warren Buffett, Elon Musk Organizations: Elon Musk's, Service, Reuters, South China Morning, Bloomberg, Business Locations: Shenzhen

☆ EVs struggling in cold happening under 'rare circumstances': Tesla investor Sawyer Merritt
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEVs struggling in cold happening under 'rare circumstances': Tesla investor Sawyer MerrittHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: EVs, Sawyer Merritt, Brian Sullivan, “ Organizations: CNBC

☆ Why EVs don’t go as far in the freezing cold
▼ + stars: | 2024-01-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —With temperatures bottoming out across the country, electric vehicle drivers are probably noticing their driving range plummeting. Tests by the consumer advocacy group Consumer Reports showed that EV driving range dropped by about 25% in highway cruising, on average, in sub-freezing weather, compared to days with warmer outside temperatures. There are two main reasons for the drop in driving range, or how far the car can go before recharging: The battery, and the driver. That means driving range is reduced. “If you’re in cold weather, it’s actually going to activate the thermal management to heat up that battery,” he said.

Persons: Andy Garberson, “, ” Organizations: CNN, Consumer, EV

☆ Wall Street's rocky start
▼ + stars: | 2024-01-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn today's big story, we're looking at how there are still plenty of risks in the market despite big expectations. What's on deck:Chip Somodevilla/Getty ImagesOne of the best indicators of the year ahead comes from banks' Q4 earnings. BI's finance team has a roundup of the biggest Wall Street firms' earnings reports and what it means for their hiring plans.

Persons: Donald Trump, Vivek Ramaswamy, —, Chip Somodevilla, BI's Michelle Abrego, Rebecca Ungarino, Kevin O'Leary, Mark Davis, Goldman, Sharmin, Rahmani, Morgan, Steve Cohen, Sundar Pichai, Boris Streubel, Rebecca Zisser, Apple, Mike Katz Organizations: Republican, GOP, Service, Citi, JPMorgan, BlackRock, Staff, Getty, Goldman Sachs Wealth, New York Mets, Google, Hertz, Business, Bloomberg Locations: Iowa, Google's Berlin, San Diego, Austin

☆ 10 years in, GM CEO Mary Barra has built her legacy on change and crisis. 2024 will be no different
▼ + stars: | 2024-01-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.

Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, —, Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington

☆ Ford could do 2 things to really shine in a challenging 2024 for the auto industry
▼ + stars: | 2024-01-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Underscoring our optimism, total hybrid sales last week came in strong for the fourth quarter and the year. They grew 55.5% for the quarter while EV sales rose 27.5%. With higher-margin hybrid sales topping the quarter and the year, the Maverick Hybrid was the best performer, with a 67% increase in 2023 sales from the year-ago period. Morgan Stanley and Wells Fargo analysts are taking a pretty pessimistic view of the auto industry in the year ahead. F 1Y mountain Ford 1 year Reflecting that apprehension, the late-2023 upswing in Ford stock has been reversing a bit in the new year.

Persons: Ford, Jim Farley, Jim Cramer, Morgan Stanley, Wells, Tesla, Wells Fargo, Jim Cramer's, Jim, Michael Nagle Organizations: Ford, ICE, General Motors, Federal Reserve, Management, CNBC, New York, Auto, Bloomberg, Getty Locations: New York, U.S

☆ A Cybertruck driver documented his 1340-mile road trip — and the issues he ran into with the Tesla EV
▼ + stars: | 2024-01-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

AdvertisementYouTuber Dennis Wang is one of the first drivers to document a cross-country road trip in the much-hyped Cybertruck, just weeks after the first vehicles were shipped to customers. But he ran into some issues along the way — including difficulties with charging and a glitch in Tesla's infotainment system. He also said that closing the tonneau, the cover that spans the back of the truck, helped improve the Cybertruck's range. But despite the hiccups along the way, Wang enjoyed the experience, especially the spacious cabin and comfort of the vehicle. "It's a fantastic truck," Wang said.

Persons: Dennis Wang, Tesla, —, Wang, Joshua Tree, he's, Wang isn't, Dennis Wang Plus, YouTuber Organizations: Service, YouTube, Bloomberg Locations: Austin , Texas, California, Texas

☆ Hertz makes 'agile' decision to shift strategy and sell EVs, Teslas
▼ + stars: | 2024-01-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021. "The reality of EVs and Tesla's being the best-selling car will, at some point, render them the best rental car," Scherr said. Hertz said it would be selling about 20,000 electric vehicles. Tesla's recent decision to lower the price of its vehicles also weighed into Hertz's decision given the impact on deprecation, Scherr added. Hertz had previously set a goal to have a quarter of its fleet be EVs by the end of 2024.

Persons: Hertz, Tesla, Stephen Scherr, CNBC's Jim Cramer, GM EVs, Tesla's, Scherr, Tom Brady, Dan Ives Organizations: Hertz, Hertz Corporation, Nasdaq, General Motors, Honda Motor, EV, GM Locations: New York City, U.S, EVs

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