Hertz CEO Resigns after Unpresdiented Losses on EV ‘Gamble’

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Hertz CEO Resigns after Unpresdiented Losses on EV ‘Gamble’

Stephen Scherr, chief executive officer of Hertz Global Holdings Inc., announced he would step down after the car rental company reported massive losses following a risky bet on electric vehicles.

Fox reported that Scherr is working with Gil West, the former chief operating officer of Delta Airlines and General Motors’ Cruise unit, to ensure a smooth transition.

West will begin his new role at the company on April 1.

Scherr joined Hertz in 2022 as the company fought to stave off bankruptcy.

At the time, Hertz put a significant focus on EVs.

However, Hertz soon found that Vs are more expensive to maintain than what they initially predicted.

Scherr reportedly told investors that EVs turned out to be more of an “operational distraction,” adding that Hertz profits experienced a $348 million loss due to EVs

Earlier this year, Hertz announced it would offload 20,000 electric vehicles from its U.S. fleet throughout 2024 and switch back to gas cars.

The move flew in the face of the Biden administration’s praise for Hertz’s investment in EVs.

Now, the Biden administration’s ‘climate agenda’ is in jeopardy due to the company moving away from EVs.

Last year, a Consumer Reports survey found EVs from the 2021 to 2023 model years are less reliable than gasoline-powered vehicles, the AP reported.

The outlet reported that EVs were eighty percent less reliable due to battery, charging systems, and fit issues.

Now, car dealers and manufacturers face bankruptcy, as they need help selling EVs despite using deep discounts and promotional tactics.

As we highlighted last year, the real cost of running and owning an electric vehicle (EV)was revised in a study called “Overcharged Expectations.”

The Texas Public Policy Foundation study said EVs do not stand alone in comparison with other vehicles because of the “wide array of direct subsidies, regulatory credits, and subsidized infrastructure that contribute to the economic viability of EVs.”

“Adding the costs of the subsidies to the true cost of fueling an EV would equate to an EV owner paying $17.33 per gallon of gasoline. And these estimates do not include the hundreds of billions more in subsidies in the Inflation Reduction Act,” the report said.

According to the study, it “would cost $48,698 more to own over a 10-year period without $22 billion in government favors given to EV manufacturers and owners.|

It added that traditional gasoline-powered vehicles are cheaper than electric vehicles without subsidies.

“It is not an overstate­ment to say that the federal government is subsidizing EVs to a greater degree than even wind and solar electricity generation and embarking on an unprece­dented endeavor to remake the entire American auto industry,” the report said.

READ: Pete Buttigieg Admits He Can’t Find Reliable Electric Vehicle Charger When Traveling

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