Tim Crino

Hertz recently blamed EVs for their earnings miss, which EV bears have trumpeted as evidence that EVs suck. But when you dig a little deeper, you find that about 50% of the Teslas purchased by Hertz were allocated to Uber drivers. Drivers loved the Teslas, but Uber cars that are being used constantly tend to take more damage. They tend to get into crashes more often, especially with random inexperienced drivers who need work. The issue here isn't that EVs are more likely to crash or need repairs — the higher repair costs were related to the fact that these cars were being used for Uber. Any car model being used for Uber will have more crashes and will need more repairs. When Hertz realized that Uber drivers were damaging and crashing the cars too often, they reallocated the cars to the normal leisure rental segment — but that caused revenue per day to drop sharply, as they can make more money renting to Uber drivers. $HTZ $TSLA