Hertz Global eyes worst day on record as EV rental business falters

Cars are parked near Hertz car rental signage at John F. Kennedy International Airport in Queens, New York City, U.S., March 30, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) - Shares of Hertz Global slumped 24% and were on track for their sharpest one-day percentage fall on record on Thursday after the company reported a wider-than-expected quarterly loss, highlighting its struggles with the EV rental business.

The company is slimming down the business due to weak demand, with plans to sell 10,000 more EVs, taking its total planned sales to 300,000 this year. Higher repair costs also weighed on the company's overall fleet maintenance expenses.