Hertz plans to sell an additional 10,000 electric vehicles (EVs) from its fleet, adding to the 20,000 it had previously announced in January, revealed Hertz chief operating officer Justin Keppy during a Thursday earnings call.
The company has already sold approximately 10,000 of the EVs and aims to complete the sell-off of the full 30,000 by the end of the year, Keppy added.
Hertz had previously pointed to higher expenses related to collision and damages for EVs as a reason for the sales. However, as the company continues to reduce its EV fleet, it is experiencing lower operating costs, particularly with a decrease in transportation expenses associated with remote charging, noted Keppy. He further mentioned that once the sell-off is finalized, the remaining EV fleet is expected to be better aligned with the growing demand for EVs, with a focus on the rideshare business.
Additionally, during the quarter, Hertz closed 125 underperforming locations, according to Keppy’s statement.
