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The fallout from Hertz's misstep calls attention to the broader implications of mismanagement within the car rental industry and the automotive sector overall. Many major players in the EV market are set to face even more price reductions in 2024, compounding these issues for Hertz and other companies heavily invested in electric vehicles.

Industry-Wide Challenges

The challenges facing Hertz reflect wider industry concerns about the automobile market. Recent industry insights suggest that automakers are reaching a "breaking point," necessitating a re-evaluation of strategies to promote competitiveness and lower costs. Many manufacturers anticipated a rapid transition to EVs, but consumer adoption has not matched these expectations.