Hertz EV troubles cast shadow over loan raise
- David Bell
- +Sasha Padbidri
- + 1 more
Car rental company Hertz is raising new debt to pay down its revolver at an awkward time, as its ambitious pivot to electric vehicles and charging infrastructure runs into operational challenges.
Since emerging from bankruptcy in 2021, Hertz has been pushing to electrify its fleet, rent EVs to Uber drivers, and invest in badly needed charging infrastructure at its sites across the US.
It’s an ambitious and forward-thinking strategy. But just like renting an EV for the first time, it has often proved costlier and more complex than expected.