Hertz plans to sell off 20,000 electric vehicles to cut costs

The Hertz Corp. is selling off 20,000 electric vehicles, just a bit more than two years after it announced a major investment in Tesla and signed one of the world’s most famous athletes to promote its initiative.

In a U.S. Securities and Exchange Commission filing Thursday morning, the Estero-based car rental company says it is getting rid of the vehicles by the end of the year as it looks to eliminate a “disproportionate number of lower margin rentals and reduce damage expenses associated with EVs.”

A portion of the proceeds will go toward buying gasoline-powered vehicles.