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Hertz’s January 2024 announcement was a plan to sell about 20,000 electric vehicles from its U.S. rental fleet, not a sale that is still underway. The company cited high collision and damage expenses associated primarily with EVs, along with customer demand and fleet-supply considerations. The planned reduction later expanded to 30,000 vehicles, and Hertz reported that it was completed 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. That was about one-third of its global EV fleet. Dispositions had started in December 2023 and were expected to continue through 2024, according to the company’s January 2024 Form 8-K.
Hertz said proceeds would help fund purchases of internal-combustion-engine (ICE) vehicles as it adjusted the fleet to customer demand. The announcement was a company fleet decision—not a blanket finding about the cost of owning every EV.
Why Hertz said it was reducing its EV fleet
Repair costs were part of the explanation, but not the only one. Hertz cited collision and damage expenses primarily associated with EVs, a mismatch between EV supply and customer demand, and a plan to rebalance vehicle purchases. In a later disclosure, the company also cited declining EV residual values—the expected value of vehicles when resold.
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These factors matter together in a rental business: repair bills affect operating costs, demand affects how many vehicles the fleet needs, and resale values influence the economics of disposing of cars. Hertz’s filings describe its own fleet experience and decisions; they do not establish that EVs universally cost more to repair or own.
How the plan grew from 20,000 to 30,000 vehicles
In March 2024, Hertz identified an additional group of roughly 10,000 EVs for disposal: approximately 9,000 in Americas RAC and 1,000 in International RAC. RAC refers to the company’s rental-car business. The company cited excess supply relative to customer demand, elevated damage and collision costs, and declining residual values in its second-quarter 2024 Form 10-Q.
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| Disclosure | Vehicle count | What it represents |
|---|---|---|
| January 2024 announcement | Approximately 20,000 | Planned sales from Hertz’s U.S. fleet, described as about one-third of its global EV fleet. |
| Additional group identified in March 2024 | Approximately 10,000 | About 9,000 Americas RAC EVs and 1,000 International RAC EVs. |
| Reported completed reduction | 30,000 | The total reduction Hertz said it had completed in 2024. |
What the depreciation charges mean
Hertz’s January 2024 announcement estimated approximately $245 million in incremental net depreciation expense for the fourth quarter of 2023 related to the planned sales. Its later 2024 Form 10-K reported $223 million of incremental net depreciation expense related to the EV fleet reduction for the year ended December 31, 2024.
These are figures from different disclosures, periods, and accounting descriptions. They should not be added together as though they were two separate final costs. Depreciation expense reflects accounting adjustments to vehicle values; it is distinct from a repair bill.
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Was the sale completed?
Yes. Hertz’s full-year 2024 earnings release said the announced 30,000-EV reduction was completed. The annual report said sales of the disposal groups were substantially complete as of December 31, 2024. The January 2024 plan should therefore be treated as historical news, not as an ongoing offer to buy former Hertz EVs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the repair-cost evidence does—and does not—show
Hertz’s rationale concerns collision and damage expenses, not a measured comparison of every cost over an EV’s lifetime. A separate industry figure circulated at the time: Axios reported on January 11, 2024, that CCC Intelligent Solutions put EV collision repair costs in 2022 about 56% above those for comparable non-EVs. That is a collision-repair comparison reported secondhand by Axios, not evidence that routine maintenance or total ownership costs are 56% higher.
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For consumers, the practical distinction is important: repair costs can vary by model, damage, parts availability, labor, insurance, and repair method. Hertz’s decision and the reported collision-repair comparison do not by themselves determine whether a particular used EV is a good purchase.
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