Hertz Global Holdings Inc. said it finished selling off 30,000 electric vehicles, many of which were Tesla Inc. models, as the rental giant moves on from an ill-advised bet on plug-in cars that customers didn’t want and were expensive to maintain.

Despite those sales, Hertz says it has a GAAP net loss of $479 million in the fourth quarter. What’s even more shocking about that is that it could’ve been even worse. In 2023, the brand posted $245 million worth of losses attributed to the EV sell-off. It didn’t recur that same loss for 2024. But why did the plan to shift toward EVs fail?