Hertz CEO Stephen Scherr told CNBC’s Jim Cramer that his company will continue buying electric vehicles despite problems with the cars over the last…
Hertz CEO Stephen Scherr told CNBC's Jim Cramer that his company will continue buying electric vehicles despite problems with the cars over the last quarter.
"I think there's no technology change, EVs included, that run a straight line without some hiccups and challenges, and that's this," Scherr said.Thursday that his company will continue buying electric vehicles for its fleet, even though the cars caused some headaches during the last quarter.before the market open Thursday, with revenue in line with Wall Street estimates but earnings per share coming in lower than expected.
"I think there's no technology change, EVs included, that run a straight line without some hiccups and challenges, and that's this," Scherr said."The line from A to B is not always straight, it's not that here. Depreciation is higher because the MSRP came down, but we're a better buyer on the forward."to its models.
EVs make up about 11% of Hertz's fleet, with Teslas accounting for 80% of the group, Scherr said. He added that Hertz will buy more Teslas as well as"I would say that GM has a very broad, very well-oiled part supply network that will benefit in how we operate those cars," he said."Tesla, no doubt, will develop that over time."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hertz stock sinks toward a record low, after profit tops expectations while revenue was in lineTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
Read more »
Hertz pulls back on EV plans citing Tesla price cuts, high repair costsHertz now has 35,000 Tesla vehicles and around 50,000 electric vehicles in its fleet.
Read more »
Hertz pulls back on EV plans citing Tesla price cuts, high repair costsHertz now has 35,000 Tesla vehicles and around 50,000 electric vehicles in its fleet.
Read more »
Stephen King: Why Hollywood STILL Can't Get Children Of The Corn RightDespite a dozen attempts, Hollywood will not get Stephen King’s horror classic The Children of the Corn right until they make some key changes.
Read more »
Krystal Joy Brown shines on Broadway in Stephen Sondheim revival of 'Merrily We Roll Along'Krystal Joy Brown has planted her flag on Broadway, first professionally and now personally. The singer and actor just bought an apartment a few blocks from where she’s earning a living at the Hudson Theatre.
Read more »
Mike Flanagan’s New Stephen King Movie Full Cast Confirmed, 8 House Of Usher Stars ReturningHorror director Mike Flanagan confirms the full cast for his upcoming film adaptation of Stephen King's The Life of Chuck in an exciting update.
Read more »