We can only hope that the other faulty pillars of leftism collapse this year the way the Electric Vehicle market has in the past year. Dealers don’t want them. Inventory is backing up. Manufacturers are losing billions, and now Hertz is not only not going to buy 100,000 of them, it is dumping many of the EVs it has.
“The elevated costs associated with EVs persisted,” Hertz Chief Executive Officer Stephen Scherr said. “Efforts to wrestle it down proved to be more challenging.”
The company hopes that its decision to sell off 20,000+ electric vehicles better balances “supply against expected demand of EVs,” it said in a regulatory filing.
Morgan Stanley analysts said told Reuters that Hertz’s move should be a warning to the entire auto industry about the reality of the electric vehicle market, that they are not that popular and expectations for their growth need to be significantly reduced.
They cost more to buy, a lot more to insure, are expensive to repair, and, in many cases, are a total loss from what might otherwise be a minor accident. You can’t trust them indoors (or shouldn’t due to lithium battery fire risk). Their advertised range rarely meets expectations. Most EVs will never run on non-fossil fuel electricity, and their manufacture and disposal are less than green.
An EV is a lot like any other high-end status vehicle except that it is an expensive and impractical lifestyle accessory with a government mandate.
A pushy Biden Administration commanded automakers to include them to meet revised efficiency mandates, but consumers are losing interest in an investment of that size given the other cost and reliability concerns. Short of buying it for them, the market has plateaued, and that, too, is a concern. Woke states and municipalities have expanded their taxpayer-funded fleets with these turds, and with new models piling up, Biden could easily propose a bailout that puts taxpayers in double jeopardy. The Feds will fund incentives with your dollars to encourage cities and states to pick up the excess inventory, with taxpayers on the hook again for the higher costs of ownership that are scaring off consumers.
And if you think this might be a good time to get a cheap deal on a used EV formerly in Hertz’s possession, rethink that. The only thing worse than the EV market is the used EV market—another reason to stay away.
