EVs are expensive
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And they break a lot
And renters don't want them
Hertz is surprised
https://www.foxbusiness.com/lifestyle/hertz-ceo-stephen-scherr-resigns-ev-push-goes-bust
Hertz CEO Stephen Scherr resigns after EV push goes bust
Hertz CEO Stephen Scherr stepping down March 31
Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company reversed its bet on electric vehicle (EV) rentals over increasing costs.
Stephen Scherr will step down as Hertz Global Holdings Inc.’s chief executive officer and member of the company’s Board of Directors effective March 31, the company announced Friday. Scherr led Hertz for just over two years after spending nearly three decades at Goldman Sachs.
Scherr’s resignation comes as the car rental company struggles with the higher repair costs and low demand for EV rentals.
In January, Hertz announced in financial filings that it had made the "strategic decision" to sell approximately 20,000 EVs from its U.S. fleet, or about one-third of its global EV fleet, and to instead invest in gas-powered cars.
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oops!!! I am guessing that Mr. Scherr "resigning" was more of the board telling him, "bet you didn't realize that your last day with the company would be March 31?"
