Just a few months ago, Hertz committed to making electric vehicles a quarter of its rental fleet. They had already announced an intent to partner with Tesla as a major provider for their future fleet, which had pushed Tesla’s value even higher. Supposedly, the scale of the demand and usage would lower costs across the board and make fleet maintenance all that much easier for Hertz and other rental agencies.
Now, however, Hertz has hit reverse — and taken a big hit to its bottom line. Bloomberg reports today that the leading rental company wants to sell off a full third of its existing EVs and replace them with gasoline-powered vehicles:
Hertz Global Holdings Inc. plans to sell a third of its US electric vehicle fleet and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options. …
The dramatic about-face, after Hertz announced…
