Daily Mail News – Money
By NEIRIN GRAY DESAI CONSUMER REPORTER FOR DAILYMAIL.COM and REUTERS
UPDATED: 15:45 EST, 6 February 2024
Tesla shares plummeted to a nine-month low after Europe’s largest software company SAP said on Monday it would no longer buy the cars for its staff.
The German company joins car rental firms Hertz and Sixt in pulling back from purchases of Teslas, as well as EVs more broadly.
A key problem for all three firms has been Tesla slashing prices on new cars – hitting their resale value. Depreciation is typically the biggest risk for fleet managers.
The average value of a used Tesla fell by more than $1,000 in the first half of January, DailyMail.com revealed last month.