| | | Not good news for the greenies and Mr Biden...
Note Toyota didn't buy into the EV hype and has made some very good looking hybrids.
They don't tell you a lot of your "gas savings" is eaten up on higher costs to insure expensive to repair autos.
Electric vehicle shocker: Tesla, Rivian and Fisker fall after Hertz hits the gas pedal
Jan. 11, 2024 10:35 AM ET
Tesla, Inc. (TSLA) Stock, RIVN Stock, LCID StockF, GM, TM, LI, NSANY, FUJHY, FSR, HTZ, PSNYBy: Clark Schultz, SA News Editor
Electric vehicle stocks traded lower on Thursday after Hertz Global (HTZ) disclosed that it is selling off a third of its electric vehicle fleet to buy gasoline-powered cars with some of the proceeds. The auto rental giant pointed to lower demand for electric vehicles and elevated repair costs as reasons for it to make the EV reversal. With the remaining EVs available for rental, Hertz (HTZ) indicated that it would implement initiatives to improve its profitability by making more charging stations available, growing relationships with EV manufacturers, and making it easier for customers to acclimate to an EV rental.
The Hertz (HTZ) development may be a contributing factor to downward share price movement for Tesla (NASDAQ:TSLA) -2.65%, Fisker (FSR) -6.31%, Lucid Group (NASDAQ:LCID) -6.05%, Rivian Automotive (NASDAQ:RIVN) -2.15%, and Polestar Automotive (PSNY) -1.58%. Detroit automakers Ford (F) -1.75% and General Motors (GM) -1.68% were also in negative territory. Although the volume of Hertz EVs being sold is not overwhelming, the decision means that the original plan to buy 100K Teslas for its fleet is unlikely to happen soon. It has also added to growing demand worries in the electric vehicle sector, which have been amplified by pullbacks on some of the aggressive EV production targets.
The automobile stock that is bucking the tape on Thursday is Toyota Motor (TM), which was up 1.35% at 10:30 a.m. Toyota is also the auto stock with the highest Seeking Alpha Quant Rating, followed by Subaru Corporation (OTCPK:FUJHY), Nissan Motor (OTCPK:NSANY), and Li Auto (LI).
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