Hertz Global Holdings Inc. has decided to sell off a significant portion of its US electric vehicle (EV) fleet and shift its focus back to gas-powered cars. This is mainly due to the lackluster demand and expensive repair costs associated with battery-powered options. The rental giant has already started selling 20,000 EVs since last month and will continue to do so until 2024. As a result, Hertz expects to incur a non-cash charge of approximately $245 million for incremental net depreciation expense in its fourth-quarter results.
https://www.bloomberg.com/news/articles/2024-01-11/hertz-to-sell-20-000-evs-in-shift-back-to-gas-powered-cars