On January 11, 2024, car rental company Hertz Global Holdings said it is selling about a third of its global fleet of electric vehicles (EVs), including 20,000 EVs from its U.S. fleet.[1] Hertz will use some of the proceeds to buy gasoline-powered vehicles. Previously, the company had aimed to convert 25% of its fleet to electric by the end of 2024. The company had also planned to order 100,000 Tesla vehicles by the end of 2022 and 65,000 units from Polestar over five years. In a regulatory filing with the Securities and Exchange Commission, the company cited low customer demand and high maintenance costs for EVs. Hertz expects about $245 million in charges related to depreciation expenses from the EV sale in the fourth quarter of 2023. Hertz said it would focus on improving profitability for the rest of its EV fleet.

[1] https://www.reuters.com/business/autos-transportation/hertz-sell-about-20000-evs-us-fleet-2024-01-11/