Hertz to Sell 20,000 EVs in Shift Back to Gas-Powered Cars

Bloomberg News via Transport Topics reports, "Hertz Global Holdings Inc. plans to sell a third of its U.S. 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 Jan. 11 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.

"The dramatic reversal, after Hertz announced plans in 2021 to buy 100,000 Tesla Inc. vehicles, underscores the waning demand for all-electric cars in the U.S. EV sales slowed sharply over the course of 2023, rising just 1.3% in the final quarter."

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