hertz reports larger than expected losses from failed electric vehicle strategy

Hertz Global Holdings Inc. reported a worse-than-expected performance in the third quarter, with an adjusted loss of 68 cents per share, surpassing analysts' predictions of a 46-cent loss.

The company has faced significant difficulties as it tries to divest from electric vehicles, particularly Tesla Inc. models, which have contributed to ongoing financial struggles.

Hertz has announced a substantial $1 billion non-cash impairment charge, primarily due to the declining residual values of its fleet over the past year.

This charge reflects Hertz's strategy to sell off vehicles that have depreciated in value, further impacting its earnings.

The company's financial results continue to be heavily affected by the consequences of this unsuccessful investment strategy.

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