Connect with us

Hi, what are you looking for?

Ultimate NewswireUltimate Newswire


Hertz CEO steps down following failed EV investment gamble

via WGN News

Hertz Global Holdings CEO Stephen Scherr will step down at the end of March following the car rental company’s largest quarterly loss since 2020, which Scherr blamed on a risky bet on electric vehicles (EVs).

Hertz had purchased tens of thousands of EVs but soon found they were more expensive to maintain than expected and presented operational challenges.

In January, Hertz announced plans to remove 20,000 EVs from its US fleet by 2024 and switch back to gas cars.

This contrasts Biden’s previous praise of Hertz’s EV investment.

A Consumer Reports survey also found EVs from 2021-2023 were significantly less reliable than gas vehicles, particularly with battery and charging issues.

Car dealers also struggle to sell existing EVs despite discounts due to high prices, interest rates, inflation and a surplus of unsold inventory, as the market reaches saturation among early adopters while wider hesitancy persists.

Read Also:

Bombshell Decision from Michelle Obama on 2024 Run

Former Border Chief Shreds Biden With 4 Simple Words

You May Also Like

Most Recent


Swiss rapper Nemo won the 68th edition of the Eurovision Song Contest with their song “The Code”, becoming the first non-binary performer to win....


Legal experts have recently discussed the importance of maintaining the order of documents that are seized or produced as evidence, as the order can...


Michael Cohen, Donald Trump’s former attorney and adviser, is set to testify over several days in an ongoing investigation into Trump’s business dealings. However,...

U.S. News

Judge Arthur Engoron, who issued a $454 million fine against Donald Trump in a civil fraud trial, is under investigation for allegedly having an...