Hertz CEO resigns after Tesla electric car purchase failure

Hertz CEO Stephen Scherr resigns after catastrophic mishap in electric vehicles Burundi reported. He will be replaced by Gil West, the former chief operating officer of GM’s robotaxi cruise division, who will also join the board of directors.

A year after emerging from bankruptcy in 2020, Hertz said it would transform its car rental business by purchasing 100,000 Tesla electric vehicles. “New Hertz will become a mobility company, starting with the largest electric vehicle rental fleet in North America,” the company said at the time. The news sent Tesla’s valuation soaring to $1 trillion.

After making that decision, Schell joined Hertz but also increased Hertz’s bet on electric vehicles by placing orders with Polestar and General Motors. The company didn’t buy many electric vehicles from those automakers, but by the end, it had purchased about 60,000 electric vehicles from those three automakers.

However, things went awry after that. Tesla slashed prices on its Model 3 and Model Y electric vehicles, causing resale values ​​to plummet. Additionally, Hertz said Tesla vehicles are expensive to repair and unpopular with renters.

As a result, the company began offloading 20,000 electric vehicles, approximately one-third of its electrified fleet. That resulted in Hertz taking a $245 million charge and posting its largest quarterly loss since the pandemic. Other car rental companies have recently given up on electric vehicles, with Germany’s Sixt abandoning its entire fleet.

Meanwhile, West was one of nine Cruise executives fired after a pedestrian was hit by another car and then dragged by a Cruise vehicle. Authorities accused the company of withholding a video that allegedly showed the victim under the car.

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from Tech Empire Solutions https://techempiresolutions.blogspot.com/2024/03/hertz-ceo-resigns-after-tesla-electric.html
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