| | | Hertz has abandoned its EV ambitions. After a major push to electrify its fleet, including plans to purchase 100,000 Teslas, 175,000 EVs from General Motors, and 65,000 from Polestar, Hertz incurred high repair costs, rapid depreciation, and lower-than-expected demand. As a result, the company decided to sell off approximately 30,000 EVs in 2024, including 20,000 initially announced in January 2024 and an additional 10,000 later that year, citing losses of $440 million due to depreciation and repair issues. The proceeds were used to reinvest in gasoline-powered vehicles to better align with customer demand.
[](https://www.autoweek.com/news/a60635964/hertz-rental-ev-losses/)[](https://qz.com/hertz-ev-sales-tesla-rental-cars-1851438100)[](https://www.cnbc.com/2024/01/14/hertz-makes-agile-decision-to-shift-strategy-and-sell-evs-teslas.html)
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