Hertz went from scaling back its electric vehicle ambitions to selling off its actual EVs in the span of three months. The rental car agency said in a regulatory filing today that it will sell 20,000 vehicles, or roughly one-third of its global EV fleet, and use that money to buy gas guzzlers.
The decision was made after Hertz reported higher depreciation and damage than expected to its EVs, amounting to $245 million in costs for the company. Also, Hertz apparently couldn’t find enough customers for the EVs in its fleet, so selling a huge chunk of them will “better balance supply against expected demand of EVs,” the company said. The company had previously set a target for 25 percent of its fleet to be electric by the end of 2024.