January – ZWWBusiness

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Published Jan 11, 2024 • Last updated 3 days ago • 11 minute read

A Hertz office in San Francisco. The company is planning to sell one-third of its EVs in the U.S. Photo by Justin Sullivan/Getty Images

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Hertz to sell 20,000 EVs in shift back to gas-powered cars

Hertz Global Holdings Inc. plans to sell a third of its United States electric vehicle fleet and reinvest in gas-powered cars due to weak demand for the 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 expects to record a non-cash charge in its fourth-quarter results of US$245 million related to incremental net depreciation expense.

“The company expects to reinvest a portion of the proceeds from the sale of EVs into