Hertz (NASDAQ: HTZ) reported its earnings for the first quarter of 2024 today, announcing that it is continuing to lose money on its electric vehicle investment and plans to dump even more EVs from its fleet.
Hertz said it had increased the number of EVs it will let go of by 10,000 units, now planning to sell 30,000 of its purchased electric cars this year. In January, it said it would get rid of 20,000 units after it felt $245 million of incremental net depreciation on the value of its EV fleet.
The losses continued in Q1. Hertz said it incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale. However, vehicle depreciation as a whole increased by $588 million, or $339 on a per-unit basis.
$119 of the $339 was related to EVs held for sale.
The announcement in January came as…
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