The crumbling values of electric cars pushed rental company Hertz to a loss last quarter, caused the collapse of UK EV provider Onto in September and dented the 2023 bottom line of one Europe’s largest leasing companies after it made a loss on EV disposals.
Stable used car values have become critical to new car sales in that they determine finance costs, so the continued weakness in EV prices is also hurting car companies as they look to increase the percentage of zero-emission cars they sell.
Those car companies are now torn.
