Hertz Stock Drops as Tesla Price Cuts Slash Fleet Value

Hertz stock dropped 15% Thursday due to lower Tesla resale values from price cuts.

Hertz estimates Tesla fleet resale value has dropped 1/3 from Tesla's price cuts this year.

Hertz says repair costs for EVs are double comparable gas cars, especially Teslas.

Hertz will slow EV purchases to manage costs better before meeting GM and Tesla order goals.

Used car prices are down broadly, impacting Hertz's rental fleet residual values.