"Hertz CEO Resigns Amid Fallout from Failed EV Push and Tesla Purchase"
TL;DR Summary
Hertz CEO Stephen Scherr is stepping down after the company's failed venture into EVs, with former GM executive Gil West set to replace him. Hertz's plan to purchase 100,000 Tesla EVs resulted in significant losses due to Tesla's price cuts and issues with vehicle repair and popularity. The company is unloading 20,000 EVs, leading to a $245 million charge and its largest quarterly loss since the pandemic. Other rental car firms, including Sixt, have also abandoned their EV fleets.
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- Hertz swaps out its CEO as it looks to revitalize business after failed EV push MarketWatch
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