Hertz CEO Bet Big on Electric Vehicles and Lost

[clasione]

ESTERO, FL – Hertz CEO Stephen Scherr bet Electric Vehicles would represent the future of his company. Fast-forward to March 2024, and it turns out that gamble did not pay off – thanks to lack of EV demand amongst renters, as well as expensive repair costs and low resale value – CEO resigns effective immediately. Unfortunately for Scherr, demand for gas-powered rental cars for the last few years has far outstripped that of their electrically powered brethren. https://www.autobuyersmarket.com/ne...fails-stephen-scherr-steps-down-as-hertz-ceo/

 

[freelancermaria]

The situation with Hertz CEO Stephen Scherr is terrible and disheartening. Scherr had sold shares at a dangerously low price, resulting in a substantial loss for him. The Hertz stock is currently trading at only 20%, a long cry from the predicted 40% increase. In addition, he sold the cars for a dangerously low price. Due to this unexpected turn of events, Scherr resigned, and Gil West, a former Cruise executive, has taken over as CEO. However, West faces a difficult challenge. He has come from an investment that has not produced big dividends, and now he has to deal with the new issue that has emerged with Hertz.

 

[Fidelia]

I don't know what gave him such confidence. There was no way he was going to win that. With all the issues that plague electric vehicles, there is no way that car renters would rent more EVs than gasoline cars. Humans adapt very slowly to change. And EVs is one of those changes that adoption would continue to be very slow and steady.