Hertz, the car rental giant, made a big mistake. In 2023, the company bought 100,000 Tesla cars, at a high purchase price.
But Tesla is like a cat: it likes to play with its prey. And in this case, the prey is Hertz.
Tesla began to lower its prices, and the resale value of Hertz’s cars plummeted.
As a result, Hertz took a hell of a financial whack. And to top it all off, the company’s stock fell 15% on the New York Stock Exchange.
Hertz is like a Tesla pigeon. The company was trapped by the American manufacturer, and it will pay the price for years to come.