Hertz selling 20,000 EVs from rental fleet; will reinvest in gas-powered vehicles
File: Hertz kicks off one of the country’s largest electric vehicle test drives at the company’s Los Angeles International Airport location on July 19, 2023 in Los Angeles, California. (Photo by Rodin Eckenroth/Getty Images for Hertz)
Rental car giant Hertz on Thursday said it will sell about 20,000 electric vehicles from its U.S. fleet.
The offloading of the vehicles will cut the company's global EV fleet by one-third, Hertz said in a filing with the Securities and Exchange Commission.
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"The company expects this action to better balance supply against expected demand of EVs," the company said.
Hertz said it expects the sale of the EVs to "take place in an orderly fashion over the course of 2024." It started offloading them late last year.
The company said in October 2021 that it would acquire 100,000 Teslas in a move to help build its EV fleet.