Hertz to Sell Off a Third of Its Electric Vehicle Fleet

Rental Car Giant Cites Weak Demand and High Repair Costs as Reasons for Shift Back to Gasoline-Powered Vehicles

Hertz Global Holdings Inc. plans to sell off a third of its electric vehicle (EV) fleet, approximately 20,000 vehicles, due to weak demand and high repair costs.
The company will use the proceeds from the sales to purchase more gasoline-powered vehicles to meet customer demand.
The decision comes after Hertz reported higher depreciation and damage than expected to its EVs, amounting to $245 million in costs.
Hertz had previously set a target for 25% of its fleet to be electric by the end of 2024, a goal that will now take longer to achieve.
The move is seen as a setback for the EV industry, with some analysts suggesting it could signal a slowdown in EV adoption.