If you’re in the market for an EV….

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Hertz loses another $200 million from its EVs Hertz i

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Hertz is increasing the number of EVs it will sell from its fleet — and will take a loss on those sales.

Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.

In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.

The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.

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