In a blow to President Joe Biden's green energy policies, rental car company Hertz is selling tens of thousands of electric vehicles (EVs) and buying gas-powered ones, citing lack of demand.
Hertz executives announced Thursday that the company will sell 20,000 EVs, about 33% of its total EV fleet.
In return, Hertz will use the money it makes from selling EVs to sell gasoline-powered cars, which executives say is in much higher demand than EVs, Bloomberg report:
Hertz Global Holdings plans to sell one-third of its U.S. electric vehicle fleet and reinvest in gasoline vehicles This is due to weak demand and high repair costs for battery-powered options. [Emphasis added]
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A dramatic turn, Hertz's announcement that it plans to buy 100,000 Tesla vehicles in 2021 underscores the decline in demand for fully electric vehicles in the United States. Growth in EV sales slowed sharply throughout 2023, rising just 1.3% in the final quarter as consumers shunned high costs and interest rates. [Emphasis added]
“Costs associated with EVs continue to rise.” Hertz CEO Stephen Sher said in an interview. “Efforts to resolve it have proven more difficult.” [Emphasis added]
Hertz executives said plans to buy 175,000 EVs from General Motors and 65,000 from Polestar could be delayed due to a lack of demand.
The news comes as U.S. auto dealers warn that despite all efforts by the Biden administration to popularize EVs among Americans, consumers are far less likely to buy an EV than a traditional gasoline-powered car. It was announced during the
“However, the reality is that the demand for electric vehicles today has not kept pace with the mass influx of vehicles. [EVs] Arrived at our dealership due to current regulations. [EVs] U.S. auto dealers warned Biden in a letter last year.
The Biden administration's massive tax-funded investment in EVs has yet to bear fruit. For example, his $7.5 billion allocated to building chargers across the United States has yet to produce a single one.
John Binder is a reporter for Breitbart News. Please email jbinder@breitbart.com. Follow him on Twitter here.
