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Hertz is scaling back its EV ambitions because its Teslas keep getting damaged

Hertz customers testing electric vehicles
Photo by Rodin Eckenroth / Getty Images for Hertz

Rental car company Hertz once envisioned itself as the ultimate EV broker, doling out battery-powered vehicles to business travelers, ridehail drivers, and tech newbies in an ambitious plan to grease the wheels for the EV revolution. The company inked agreements with Tesla and Polestar to buy nearly 200,000 EVs. Tesla’s valuation topped $1 trillion on the news.

But like many other aspects of the EV switch, that plan is running into some headwinds. This week, Hertz said it was tapping the brakes on its EV rollout, citing the plummeting resale value of its EVs and the high cost of repair.

Tesla has been slashing prices to spark sales as it finds itself wrestling with softening demand and more competition. And repair costs are about double…

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