Sixt Warns on Poor Vehicle Resale Values Amid EV Slowdown

Sixt SE shares slumped the most in two years after warning lower resale values for its fleet cars will mean Europe’s biggest car-rental company won’t meet its annual guidance.

The stock declined 14%, slicing nearly €580 million ($626 million) from the company’s market valuation. Sixt singled out the drop in residual price levels as the main driver alongside worsening economic prospects and expected interest rate cuts taking longer to materialize.

Sixt now sees earnings before taxes of as much as €450 million for this year, down from as much as €520 million previously, it saidFriday.

Car rental companies have ...