Hertz selling about 20,000 EVs and buying more gas vehicles

Hertz announced Thursday the rental car company is selling roughly 20,000 electric vehicles and rebuilding its fleet with gas-powered ones.

Hertz cited higher repair costs as one of the main reasons behind the move.

Previously, Hertz had announced it would order about 100,000 Tesla EVs by the end of 2022.

The selling off of EVs will reportedly result in about $245 million in depreciation expenses for Hertz, according to Reuters.