Hyperdrive
Hertz Misses Estimates on EV Fleet Rethink, Plans Cost Cuts
- CEO says $250 million in cuts could include layoffs, closures
- Tesla models had high repair costs, tepid consumer demand
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Hertz Global Holdings Inc. is looking to cut costs after it missed analysts’ fourth-quarter estimates as it sold down its fleet of Tesla Inc. electric vehicles.
The rental car giant reported Tuesday that it lost an adjusted $1.36 per share, worse than the 76-cent loss analysts’ projected for the quarter, swinging from a 70-cent profit in the previous quarter and a 50-cent profit a year ago.