Hertz lowers Tesla prices, incentives boost May sales, wholesale used car update

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1. Hertz knocks down prices of its used Tesla fleet to new lows

Big picture: Hertz has placed 20,000 EVs on sale, close to 33% of its total electrified fleet, with a litany of attractive incentives, including a 12-month/12,000-mile limited powertrain warranty, financing offers, and vehicle protection plans.

Is now the time to snag a used Tesla? … Read more.

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2. Skyrocketing incentives push May sales up 10%

Top line: Incentives are inching back to historic levels after virtually disappearing during the COVID-19 pandemic. With affordability being a primary focus for consumers in today’s market, these discounts are boosting sales in meaningful ways.

But how do incentives stack up to 2019 levels? … Read more.

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3. Wholesale used car prices declined last month

At a glance: Used car price declines slowed early in May, then dipped faster at month's end for an overall drop of 0.6%, according to Manheim.

Are lease returns the culprit? … Read more.

• Lithia Motors seeks to produce an annual savings of $150 million through layoffs and other employee cost savings this quarter.

• Kia America is recalling 462,869 Telluride vehicles in the U.S. due to a fire risk from overheating front power seat motor.

• Rivian’s R1 vehicles are getting a gut overhaul — here’s what’s new.

• With new incentives, Chevy Blazer EV lease prices can be just $10 more than the gas-powered model per month.

• Long-range EVs now cost less than the average new car in the U.S.

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Thanks for reading everyone.

— CDG