The valuation follows the company announcing earlier this month in an earnings call that it would be reducing its growth expectations.
Not even Elon Musk’s Tesla—which was touted as a vehicle manufacturing unicorn meant to dent the climate crisis—can withstand those pesky macroeconomic trends. Tesla’s valuation has just fallen as the electric vehicle market seriously cools down. Tesla’s reduced valuation follows the company announcing earlier this month in an earnings call that it would be reducing its growth expectations, seemingly due to lower demand for electric vehicles, according to a Bloomberg report.
Hertz apparently wasn’t prepared for the high amount of wear and tear on the EVs Uber drivers rent from the company. Therefore Hertz moved those EVs into the supply that could be rented out for leisure driving—which has left the car rental company with a lot of electric vehicles. Similarly, Ford announced that it was pausing its planned $12 billion investment in EV manufacturing, citing a reduced demand for EV purchasing.
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