Hyperdrive
Hertz to Sell 20,000 EVs in Shift Back to Gas-Powered Cars
- Rental company cites customer demand, costs for fleet change
- Hertz announced large purchase of Tesla vehicles in 2021
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Hertz Global Holdings Inc. plans to sell a third of its US electric vehicle fleet and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options.
The sales of 20,000 EVs began last month and will continue over the course of 2024, the rental giant said Thursday in a regulatory filing. Hertz will record a non-cash charge in its fourth-quarter results of about $245 million related to incremental net depreciation expense.