CNN —Hertz, which has made a big push into electric vehicles in recent years, has decided it’s time to cut back. And EV price declines in the new car market have pushed down the resale value of Hertz’s used EV rental cars. Simply put, people are generally willing to pay a certain amount less for a used car than for a new one. Tesla makes up about 80% of Hertz’s EV fleet, and, altogether, EVs make up about 11% of Hertz’s total rental fleet. Again, Teslas, which make up 80% of Hertz’s EV rental fleet, are mostly the problem in both these areas, he has said.

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Persons: CNN — Hertz, Hertz’s financials, ” Hertz, Stephen Scherr, Tesla, ” Scherr, Hertz, EVs, “, Scherr, ” Organizations: CNN, SEC, EV, Hertz, GM Locations: EVs