Published in News

Hertz CEO hits the brakes amid EV chaos

by on19 March 2024

EV Hertz, our bottom line

Hertz Global Holdings' big cheese, Stephen Scherr, is hanging up his keys on 31 March after the firm's wallet took a whopping hit thanks to a gamble on electric motors.

Scherr's replacement will be Gil West from Delta Airlines and GM's Cruise. The plan is to pass the baton without a bump. West is set to take the wheel at Hertz starting April Fool's Day.

Scherr, who's been steering Hertz for two years post-bankruptcy, bet the farm on electric vehicles (EVs). But those high-tech rides are pricier to keep up than your nan's old banger!

The boss man confessed that Hertz's piggy bank felt a stinging loss of €322 million, and yep, he's pointing fingers at the EVs.

Come January, Hertz had an 'aha' moment and decided to ditch 20,000 electric wheels from their US fleet by 2024, swerving back to good ol' petrol guzzlers.

That was a good decision, but it was a bit too late. A Consumer Reports survey revealed that EVs from 2021 to 2023 are about 80 per cent less trustworthy than their gas-guzzling cousins, especially regarding batteries and charging gizmos.

Even car peddlers need help to sell these electric dreams, slashing prices and adding sweeteners everywhere.

In 2021, Hertz was all gung-ho, ordering a massive 100,000 Teslas by the end of 2022. They even had eyes on snagging 65,000 Polestars for their rental lineup over five years.

Now, it is back to the drawing board as Scherr waves goodbye, and Hertz hopes to avoid more electric shocks.

Last modified on 19 March 2024
Rate this item
(1 Vote)