The car rental firm expects to use the proceeds from the offering to pay down a portion of its $2 billion revolving credit facility and to improve its liquidity.
In early June, Hertz named Spirit Airlines CFO Scott Haralson as its new finance chief, after the declining demand for the EVs in its stock pushed the company into further losses.
With weak demand for EVs weighing on earnings, Hertz is slimming down the business and plans to sell 10,000 more EVs, taking its total planned sales to 30,000 this year.
Hertz said on Thursday it may not achieve the 11,000 remaining planned EV disposals in the time and manner it expects.
It also expects elevated vehicle depreciation to continue throughout 2024.
The Estero, Florida-based company took a $588 million hit in vehicle depreciation costs during the first quarter ended March 31, of which $195 million was related to EVs held for sale.