Hertz Shifts Back to Gas-Powered Cars, Selling 20,000 EVs
Hertz Global Holdings Inc. plans to sell 20,000 electric vehicles (EVs) and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options. The sales of EVs began last month and will continue over the course of 2024, with Hertz recording a non-cash charge of about $245 million related to incremental net depreciation expense in its fourth-quarter results.