Hertz cites weak demand, high damage costs in decision to downsize EV fleet
HTZHertz(HTZ) Market Watch·2024-01-11 21:03

Hertz Global Holdings Inc. said Thursday it is selling about 20,000 electric vehicles from its fleet, or about one- third of the total, and expects to book charges of about $245 million in the fourth quarter. The move is aimed at better balancing supply and expected demand for EVs, allowing the car-rental company to scrap a disproportionate number of lower-margin rentals and reduce damage expense associated with EVs. Collision and damages costs for EVs remained high in the fourth quarter, Hertz said in a re ...