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Hertz is selling 20,000 EVs and replacing them with gas-powered vehicles

Hertz is selling 20,000 EVs and using some of the proceeds to buy gas-powered vehicles. The company cited demand concerns and higher expenses linked to EV repairs for the decision.

It claimed that "expenses related to collision and damage, primarily associated with EVs, remained high" in the most recent financial quarter, "thereby supporting the company’s decision to initiate the material reduction in the EV fleet." Hertz said it plans to reinvest some of the proceeds into purchasing gas-powered vehicles. "This will position the company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs."

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