Hertz Global Holdings Inc. plans to sell a third of its United States electric vehicle fleet and reinvest in gas-powered cars due to weak demand for the battery-powered options.

The sales of 20,000 EVs began last month and will continue over the course of 2024, the rental giant said Thursday in a regulatory filing. Hertz expects to record a non-cash charge in its fourth-quarter results of US$245 million related to incremental net depreciation expense.

https://www.msn.com/en-ca/money/topstories/live-news-hertz-to-sell-20-000-evs-in-shift-back-to-gas-powered-cars/ar-AA1mO8L3?