Hertz Unloads One-Third of its EV Fleet, Citing Low Demand, High Repair Costs

Published on January 11, 2024

In the latest blow to America’s heralded transition to electric vehicles (EVs), car rental company Hertz announced it is selling off 20,000 EVs, or one-third of its electric fleet.  In its Jan. 11 filing with the Securities and Exchange Commission (SEC), Hertz announced that it will take a $245 million charge from offloading the EVs and will “reinvest a portion of the proceeds from the sale of EVs into the purchase of internal combustion engine (“ICE”) vehicles to meet customer demand.” “The Company expects this action to better balance supply against expected demand of EVs,” Hertz stated in its filing. “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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House Overcomes Procedural Vote After Conservative Protest Over Spending Deal

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LIVE 3 PM ET: Hunter Biden Arraigned in Los Angeles on Tax Charges

January 11, 2024
Hunter Biden, the son of President Joe Biden, makes his initial court appearance on tax charges in Los Angeles court. Mr. Biden will be arraigned on three felony and six misdemeanor tax offenses. The court will be held at 3 p.m. ET on Jan. 11....