Hertz Gets New CEO after EV Push Goes Flat

Hertz Rental Cars, one of the biggest car rental companies in the world, has announced that it will be parting ways with their CEO after his bet on an all-electric future came unplugged losing the company bucket loads of money as low demand and high running costs make them a losing proposition.

Hertz were one of the early advocates for an EV Rental business all the way back in 2013 in fact, just a few weeks ago though the company announced that it had made a strategic decision to divest itself of their EV fleet and put on sales some 20,000 underperforming EV’s from its US fleet.

Hertz Names Goldman Ex-Finance Chief Stephen Scherr as CEO (2)

Now Hertz CEO, Edwin Scherr, has announced that he will resign this week immediately after the company announced their biggest quarterly loss since 2020 after its decision to turn their back on EV’s, at least for the time being that is.

The US government had piled praise onto Hertz for their investment into EV’s as a part of President Bidens climate agenda’s attempt to broadly electrify the transportation sector.  Along with various tax incentives and other sweetners the Admiinistration had promised to build a network of EV charging stations and allotted USD7.5 billion to do this. 

As of December of last year none had been built according to a report from ABC news.

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