Transportation
Hertz Tumbles With Worse-Than-Expected Loss on EV Sale Plan
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Hertz Global Holdings Inc. said it finished selling off 30,000 electric vehicles, many of which were Tesla Inc. models, as the rental giant moves on from an ill-advised bet on plug-in cars that customers didn’t want and were expensive to maintain.
The headlong push into EVs contributed to a loss of $2.9 billion in 2024, Hertz said Thursday in a statement that detailed fourth-quarter earnings. The company lost $1.18 a share on an adjusted basis in the quarter, worse than the 73-cent deficit expected by analysts, according to estimates compiled by Bloomberg.