Hertz posts loss amid plans to offload 20,000 Tesla electric cars

Losses worse than analysts had projected for the quarter

The drop into the red follows the company’s decision to offload 20,000 Tesla electric cars, about one-third of its electric fleet, saying it lost money renting them out. 

Hertz Global is looking to cut costs after it missed analysts’ fourth-quarter estimates as it sold down its fleet of Tesla electric cars. 

The rental car giant reported losses that were worse than analysts had projected for the quarter.