{"id":911,"date":"2024-03-19T17:34:10","date_gmt":"2024-03-19T17:34:10","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=911"},"modified":"2025-05-05T10:25:26","modified_gmt":"2025-05-05T10:25:26","slug":"after-investment-in-100000-teslas-fails-stephen-scherr-steps-down-as-hertz-ceo","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2024\/03\/19\/after-investment-in-100000-teslas-fails-stephen-scherr-steps-down-as-hertz-ceo\/","title":{"rendered":"After Investment in 100,000 Tesla&#8217;s Fails, Stephen Scherr Steps Down as Hertz CEO"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2024\/03\/Hertz_2386985623.jpg\" alt=\"After Investment in 100,000 Tesla's Fails, Stephen Scherr Steps Down as Hertz CEO\" class=\"wp-image-912\" srcset=\"https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2024\/03\/Hertz_2386985623.jpg 900w, https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2024\/03\/Hertz_2386985623-300x200.jpg 300w, https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2024\/03\/Hertz_2386985623-768x512.jpg 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><figcaption class=\"wp-element-caption\">Hertz had purchased their new Tesla fleet at a time where their prices were near an all-time high; however, the automaker has engaged in a series of price-cutting measures over the course of the past year in order to remain at the forefront of an increasingly competitive EV market. File photo: Mahmoud Suhail, ShutterStock.com, licensed.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">ESTERO, FL &#8211; Hertz turned heads back in 2021 when the automobile renter announced that they would be purchasing a whopping 100,000 Tesla&#8217;s to add to their fleet in an effort to embrace electric vehicle (EV) technology that CEO Stephen Scherr was betting would represent the future of his company. This development came just six months after Hertz narrowly avoided having to declare bankruptcy thanks to a $4.2 billion restructuring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time, it was heralded as a bold and progressive move for Hertz, with the company\u2019s stock jumping an impressive 40 percent over the course of two weeks after the announcement.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Uh-oh, after EV sales collapse , Hertz CEO forced out, who\u2019s next?<a href=\"https:\/\/t.co\/qpCMWhjUnQ\">https:\/\/t.co\/qpCMWhjUnQ<\/a> <a href=\"https:\/\/t.co\/4U2cNxVGkB\">pic.twitter.com\/4U2cNxVGkB<\/a><\/p>&mdash; Wayne Cunnington (@waynetlc) <a href=\"https:\/\/twitter.com\/waynetlc\/status\/1770023348828877286?ref_src=twsrc%5Etfw\">March 19, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">But fast-forward to March 2024, and it turns out that the Tesla gamble did not pay off at all \u2013 thanks to lack of EV demand amongst renters, as well as expensive repair costs and low resale value \u2013 with Scherr&nbsp;<a href=\"https:\/\/www.caranddriver.com\/news\/a60243535\/hertz-ceo-resigns-big-bet-on-evs-fails\/\" rel=\"noreferrer noopener\" target=\"_blank\">resigning as CEO effective immediately<\/a>&nbsp;over the matter and former Cruise executive Gil West stepping in to replace him.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately for Scherr, demand for gas-powered rental cars for the last few years has far outstripped that of their electrically powered brethren.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, Hertz had purchased their new Tesla fleet at a time where their prices were near an all-time high; however, the Elon Musk-owned automaker has engaged in a series of price-cutting measures over the course of the past year in order to remain at the forefront of an increasingly competitive EV market, and as a result Hertz is discovering that the resale value of their Teslas \u2013 once they\u2019ve reached the end of their effective rental life cycle \u2013 are now perilously low.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those issues, coupled with the much higher repair costs associated with EVs when compared to internal combustion engine-based vehicles, have resulted in Hertz announcing plans to sell at least 20,000 of their Teslas, with more sales possibly to come in the near future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Scherr\u2019s failed gamble has left West in a bit of a pickle as he steps into the role of new CEO- how to dig the company out of the financial hole that it currently finds itself in, and how to balance current consumer demand for gas-powered cars versus preparing for a future where alternative fuel vehicles will become more and more prominent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ESTERO, FL &#8211; Hertz turned heads back in 2021 when the automobile renter announced that they would be purchasing a whopping 100,000 Tesla&#8217;s to add to their fleet in an effort to embrace electric vehicle (EV) technology that CEO Stephen Scherr was betting would represent the future of his company. This development came just six [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ESTERO, FL - Hertz turned heads back in 2021 when the automobile renter announced that they would be purchasing a whopping 100,000 Tesla&#039;s to add to their fleet in an effort to embrace electric vehicle (EV) technology that CEO Stephen Scherr was betting would represent the future of his company. This development came just six\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Christopher Boyle\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.autobuyersmarket.com\/news\/2024\/03\/19\/after-investment-in-100000-teslas-fails-stephen-scherr-steps-down-as-hertz-ceo\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\n\t\t<!-- Default Statcounter code for AutoBuyersMarket.com\nhttps:\/\/www.autobuyersmarket.com\/ -->\n<script type=\"text\/javascript\">\nvar sc_project=12756702; \nvar sc_invisible=1; \nvar sc_security=\"f126bab4\"; \n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"https:\/\/www.statcounter.com\/counter\/counter.js\"\nasync><\/script>\n<noscript><div class=\"statcounter\"><a title=\"site stats\"\nhref=\"https:\/\/statcounter.com\/\" target=\"_blank\"><img\nclass=\"statcounter\"\nsrc=\"https:\/\/c.statcounter.com\/12756702\/0\/f126bab4\/1\/\"\nalt=\"site stats\"\nreferrerPolicy=\"no-referrer-when-downgrade\"><\/a><\/div><\/noscript>\n<!-- End of Statcounter Code -->\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Auto Buyers Market - Automotive News\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"After Investment in 100,000 Tesla\u2019s Fails, Stephen Scherr Steps Down as Hertz CEO - Auto Buyers Market\" \/>\n\t\t<meta property=\"og:description\" content=\"ESTERO, FL - Hertz turned heads back in 2021 when the automobile renter announced that they would be purchasing a whopping 100,000 Tesla&#039;s to add to their fleet in an effort to embrace electric vehicle (EV) technology that CEO Stephen Scherr was betting would represent the future of his company. 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