Hertz is selling 20,000 EVs so it can buy more gas guzzlers

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.

I’m not seeing any Polestar 2s or Ford Mustang Mach-Es, but I’m guessing they’ll start showing up there soon. It’s quite the turnaround considering where things were just a few months ago. Hertz envisioned itself as the ultimate EV broker, doling out battery-powered vehicles to business travelers, ridehail drivers, and tech newbies in an ambitious plan to prime the pump for the EV revolution. The company inked agreements with Tesla and Polestar to buy nearly 200,000 EVs.

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