Hertz Global Holdings has announced plans to sell approximately 20,000 electric vehicles (EVs) from its U.S. fleet, citing increased expenses related to collision and damage, in favor of gas-powered vehicles. The decision has impacted the company’s stock performance, with shares falling 9% in premarket trading. The rental car firm will be reducing its EV fleet, a move that is expected to result in approximately $245 million of incremental depreciation expenses in the fourth quarter of 2023.
Hertz, which currently operates EVs manufactured by Tesla Inc and Swedish EV maker Polestar, had previously committed to purchasing up to 65,000 EVs from Polestar over five years and had ordered 100,000 Tesla vehicles by the end of 2022.
For customers interested in purchasing EVs, Hertz’s used car website offers a diverse selection of over 700 EVs for sale, including models from brands such as BMW, Chevrolet, and Tesla. The decision to reduce the EV fleet demonstrates the ongoing challenges and complexities associated with managing and operating electric vehicles in the rental car industry.
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