Hertz rental car to sell 20,000 EVs in shift back to gas-powered cars – ‘Due to weak demand & high repair costs’
By Marc Morano
January 12, 2024
6:42 pm
https://mailchi.mp/4470fb243a78/hertz-to-sell-20000-evs-in-shift-back-to-gas-powered-cars-200260?e=0b1369f9f8Hertz to sell 20,000 EVs in shift back to gas-powered cars
Bloomberg, 11 January 2024
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.
The dramatic about-face, after Hertz announced plans in 2021 to buy 100,000 Tesla Inc. vehicles, underscores the waning demand for all-electric cars in the US. EV sales slowed sharply over the course of 2023, rising just 1.3% in the final quarter.
https://www.climatedepot.com/2024/01/12/hertz-rental-car-to-sell-20000-evs-in-shift-back-to-gas-powered-cars-due-to-weak-demand-high-repair-costs/
