Hertz To Sell More EVs as Q1 Loss Exceeds Expectations

Hertz Global Holdings Inc NASDAQ HTZ has raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant’s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas.

Hertz reported a much larger loss for the first quarter than analysts had forecast. Adjusted net loss stood at $392 million, or $1.28 loss per diluted share. This compares with an analyst consensus estimate of a loss of $0.45 per share. Following the earnings release on Thursday, Hertz’s stock crashed by 21% on the NASDAQ as of 1003 a.m. EDT.

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