Electric Vehicles May Become Harder to Rent

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If you’ve been wanting to try an electric vehicle, renting can be an affordable option. But finding one may soon become much more difficult. Electric vehicles have been financially disastrous for rental companies, especially Hertz, which in January scaled back plans to acquire 100,000 Teslas after the cars’ resale values plunged much faster than the company had expected. Hertz’s experience had a chilling effect on its industry, and many rental car companies are now trying to sell off electric vehicles at deep discounts. And it may be a while before they start buying again. Last year, more than 4 percent of the cars sold by manufacturers to rental companies were electric, according to S&P Global Mobility. So far this year, that number is just 1.4 percent.