Hertz Selling 20,000 EVs in the U.S., to Reinvest in Gas-Powered Vehicles

Hertz is selling about a third of its global electric-vehicle fleet, a major reversal for the rental-car company after it positioned itself as a champion of the technology with plans to vastly grow its fleet of plug-in models.

Hertz said Thursday that it would sell about 20,000 EVs in the U.S., and use some of the proceeds to purchase internal-combustion-engine vehicles. The company in a regulatory filing cited weaker demand for electrics, and their higher operating costs.