This Polestar will probably be for sale soon. | Hertz Global Holdings, Inc.
Hertz continues to backtrack on its commitment to purchase more electric vehicles for its rental car fleet, as the Financial Times reports that the company has paused plans to acquire more EVs from Swedish automaker Polestar.
In 2022, Hertz said it planned on purchasing 65,000 battery-powered Polestars in a bid to become a global leader in EVs. This was on top of 100,000 Teslas that the company already said it would acquire. Tesla’s valuation topped $1 trillion for the first time after the news.
But a little more than a year later, Hertz had a change of heart, mostly because its acquired EVs had lost most of their value. Price cuts (mostly from Tesla), higher depreciation than expected, and spiraling repair costs have made EVs a bad…