Hertz’s January 2024 announcement was a plan to sell about 20,000 electric vehicles from its U.S. fleet—not an ongoing sale today. The company cited elevated collision and damage costs, but also customer demand and a need to rebalance its fleet. The plan later expanded to 30,000 EVs, and Hertz reported completing the reduction in 2024.
What Hertz announced in January 2024
On January 11, 2024, Hertz said it would sell approximately 20,000 EVs from its U.S. fleet, describing that number as about one-third of its global EV fleet. Dispositions had begun in December 2023 and were expected to continue through 2024. The company said it intended to use some proceeds to buy internal-combustion vehicles, in part to better match customer demand. Hertz’s January 2024 Form 8-K
Why Hertz said it was reducing its EV fleet
Collision and damage expenses
Hertz identified high collision and damage expenses, primarily associated with EVs, as one reason for the decision. Its statements concerned the company’s rental-fleet experience; they do not establish that every EV costs more to repair or own than a comparable gas-powered car.
Fleet supply and customer demand
The company also said it wanted to bring EV supply more in line with customer demand. It planned to redirect some of the proceeds toward internal-combustion vehicles. That makes the sell-down a fleet-planning decision as well as a response to vehicle costs.
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Resale values
By 2024, Hertz’s disclosures also cited declining EV residual values—the expected value of vehicles when sold—as a factor. Lower resale values can make a fleet vehicle more expensive to own on paper even if its repair costs are unchanged. Hertz’s second-quarter 2024 Form 10-Q
How the plan grew from 20,000 to 30,000 vehicles
The initial figure and the eventual reduction describe different stages of the decision:
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| Stage | Vehicles | What Hertz reported |
|---|---|---|
| January 2024 announcement | Approximately 20,000 | Planned sales from the U.S. fleet; about one-third of Hertz’s global EV fleet. |
| Additional group identified in March 2024 | Approximately 10,000 | About 9,000 from Americas RAC and 1,000 from International RAC. Hertz cited excess supply relative to demand, elevated damage and collision costs, and declining residual values. |
| Reported outcome | 30,000 total | Hertz said the announced reduction was complete in 2024; its annual report said sales of the disposal groups were substantially complete as of December 31, 2024. |
The additional-group breakdown appears in Hertz’s second-quarter 2024 Form 10-Q. The completion update is in its full-year 2024 earnings release; the year-end disposition status is in its 2024 Form 10-K.
What the depreciation charges mean
Hertz’s January 2024 filing estimated an approximately $245 million incremental net depreciation expense in the fourth quarter of 2023 related to the sale. Its 2024 Form 10-K later reported $223 million of incremental net depreciation expense related to the EV fleet reduction during the year ended December 31, 2024. These are separately labeled accounting amounts for different periods; they should not be added together or treated as a single repair bill. January 2024 Form 8-K · 2024 Form 10-K
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What this news does—and does not—say about EV repair costs
Hertz’s decision is evidence that collision and damage expenses mattered to one large rental fleet, alongside demand and resale-value pressures. It is not a universal cost comparison for private owners. Collision repairs are also different from routine maintenance and from total lifetime ownership costs.
An Axios report published January 11, 2024 cited a CCC Intelligent Solutions figure that collision repair costs for EVs were about 56% higher in 2022. That is an industry collision-repair comparison as reported secondhand, not a measurement of all maintenance or lifetime costs, and it is separate from Hertz’s own accounting figures. Axios’s January 11, 2024 report
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