- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
- 'Little Gregory' murder haunts France 40 years on
- Vietnam, China to expand rail links, cross-border payments
- Americans get their belief back as Pochettino makes his mark
- Vietnam, China to boost economic, defence cooperation
- Winning start for Pochettino's American adventure
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- Colombia guerilla group urges delegations not to attend COP16 in Cali
- Pakistan frets over security ahead of SCO summit
- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
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- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
- Ronaldo on target again as Portugal defeat Poland in Nations League
- Guardians rip Tigers 7-3 to advance in MLB playoffs
- AFP, BBC win top French war reporting awards
- Carsley goes back to basics as humbled England face Finland
- Alex Salmond: the man who took Scotland to the brink of independence
- Scotland's former leader Alex Salmond dies aged 69: party
- UN warns of catastrophe as Israel fights a two-front war
- Croatia extend Scotland's losing streak
- South Africa, New Zealand boost T20 World Cup semi-final hopes
- 'Very challenging': Israel faces Hezbollah in tricky terrain
- Farrell begins to feel at home as Racing 92 beat Toulon
- South Africa boost T20 World Cup semi-final hopes with Bangladesh win
Hertz to shrink EV rental fleet over sluggish US demand
Hertz said Thursday it will sell one-third of its electric vehicle (EV) automobiles to resize its fleet in line with slowing demand growth for emission-free transport.
The rental car giant will sell 20,000 EVs in the United States, steering a portion of the funds to purchase "internal combustion engine vehicles to meet customer demand," Hertz said in a securities filing.
"The Company expects this action to better balance supply against expected demand of EVs," said the filing.
The action is the latest auto industry move to slow or retreat from earlier targets amid expectations for slower EV growth in the next year or two.
Both General Motors and Ford have slowed some plans to build additional EV capacity in the very near term, while emphasizing that they remain believers in the long-term growth of the sector.
US consumers remain cautious about the vehicles, due in part to concerns about recharging on longer trips, with the slow pace of programs to expand national recharging facilities.
Hertz "will continue to execute its strategy around EV mobility and offer customers a wide selection of vehicles," the company said, adding that it is working to expand charging infrastructure and provide educational tools for customers about the vehicles.
The car rental company plans to account for $245 million in one-time expenses related to the action, adding that its operating earnings will be "negatively impacted."
EV sales in the United States reached a record 1.2 million in 2023, according to a report from Kelley Blue Book.
That included a 40 percent jump in fourth quarter sales, "a strong result by any measure, except when compared to the growth the industry saw in previous quarters," the auto industry research group said, noting that sales jumped 49 percent in the prior quarter.
Shares of Hertz fell 4.5 percent near midday.
F.Pedersen--AMWN