Hertz CEO Resigns after Unpresdiented Losses on EV ‘Gamble’

SHARE
TWEET
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

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit

Breaking

Trending

FBI Quietly Releases Unclassified on Ashli Babbitt While Americans Were Distracted by Solar Eclipse
FBI Quietly Releases Unclassified on Ashli Babbitt While Americans Were Distracted by Solar Eclipse
The FBI chose to release unclassified documents regarding Ashli Babbitt while most Americans were looking...
Reflection in Biden’s Sunglasses Shows Him Reading Instructions from His Handlers
Reflection in Biden’s Sunglasses Shows Him Reading Instructions from His Handlers - WATCH
Joe Biden’s cognitive decline is no longer just a talking point for Republicans and Trump supporters....
Biden Admin Successfully Pressured Snopes to Change Fact Check on Gas Stove Ban
Biden Admin Successfully Pressured Snopes to Change Fact Check on Gas Stove Ban
Biden officials successfully pressured the fact-checking website Snopes to revise and change its fact...
Trump Calls to End Funding to NPR after Bias Scandal: ‘Not One Dollar’
Trump Calls to End Funding to NPR after Bias Scandal: ‘Not One Dollar’
Former president Donald Trump has demanded a complete end to the funding for leftist media outlet NPR...
John Bolton: I Will Write-In Vote for Dick Cheney as President
John Bolton: I Will Write-In Vote for Dick Cheney as President
Former national security adviser John Bolton said on Thursday he would be writing in former Vice President...
Tiffany Smiley Gives CNN Hosts Reality Check on Political Persecution of Trump
Tiffany Smiley Gives CNN Hosts Reality Check on Political Persecution of Trump
Republican political figure Tiffany Smiley issued a brutal reality check to hosts during an appearance...
Liberals Meltdown after Trump Claims Biden Soiled Himself in Oval Office
Liberals Meltdown after Trump Claims Biden Soiled Himself in Oval Office
Former president Donald Trump ignited a leftist meltdown after claiming at a fundraiser that Joe Biden...
Gay Couple Arrested for Child Porn Possession after IKEA Makes Grim Discovery
Gay Couple Arrested for Child Porn Possession after IKEA Makes Grim Discovery
A gay couple in Maryland has been arrested for possession of child pornography after police were tipped...
Afghan Terrorist ‘Roaming Free’ in U.S. after Being Released by Biden Admin at Border
Afghan Terrorist ‘Roaming Free’ in U.S. after Being Released by Biden Admin at Border
An illegal alien and member of the deadly terrorist group ISIS is roaming freely in the United States...
Country Music Star Suffers Massive Heart Attack after Performance
Country Music Star Suffers Massive Heart Attack after Performance
Country music singer and rapper Colt Ford was rushed to hospital shortly after his performance in Arizona...

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.