Hertz CEO resigns after buying 100,000 Teslas

“In 2021, Hertz made a big splash when it announced plans to buy 100,000 Teslas and greatly expand its fleet of EVs. That deal, which came just half a year after a $4.2 billion restructuring saved the company from bankruptcy, moved the brand’s stock price up 40 percent over two weeks. Two and a half years later, the brand is selling off many of those EVs at perilously low prices and the stock is trading at just 20 percent of its 2021 high. That is the sort of outcome that suggests a huge gamble did not pay off, and as a result, CEO Stephen Scherr is stepping down from his role… That announcement is doubly painful because the brand invested so heavily in Tesla inventory when Tesla’s famously fickle prices were near their highest, then decided to sell at a time when Tesla has hurt resale value of its past cars by heavily reducing the prices on its newest offerings. New CEO Gil West will be responsible for figuring out how Hertz can dig itself out of the hole it created and get back to a sustainable business of renting cars.”


7 thoughts on “Hertz CEO resigns after buying 100,000 Teslas”

  1. That’s 100 kilohertz! Kill a Hertz hurts! Yet to Scherr is human. Last time I had occasion to use Hertz about 6 years ago it was the crowning appointment after being treated like a herd beast in the airborne leg of the journey to feel like I was Steve McQueen trying to escape a parking lot by outwitting the security devices and checkpoints, even though I paid.

  2. Elections have consequences. 2024 sure does.
    Biden just issued a decree, despite EV’s being terrible for the environment, far more of a pollutant than internal combustion engines, despite them being dangerous, catching on fire with regularity and it taking thousand upon thousands of gallons of water to extinguish them (far, far more than a ICE to put out, often reigniting and starting the whole process again), despite their absurd cost, the fact that a new battery costs 1/4 the price of the CAR, despite that few can afford them and few want them, that we must have them, and by 2030, half of car sales must be EV’s by the decree of our new Lords and Masters. Like it or lump it.
    I’m sick of these bastards. Anyone else?

  3. It’s a lot more than just politics.

    The ‘green movement/climate hysteria’ is a rival false religion on par with Islam.

    That is why you are seeing all this insanity. It’s running not on science, or economics, but blind faith, even with doomsday prophecies.

    Americans and secular democrazies the world over made the mistake of imagining that Church and State could be separated.

    This is impossible.

    The state must serve only the true religion.

  4. It’s the Jews. Every single time. They cursed themselves with “his [Chtist’s] blood be upon us and upon our children” and now everything they touch goes to pot.

    We forgot the lessons the Catholic Church taught for 1900 years and we’re payjng for it.

  5. Scherr serves on the board of the New York Stem Cell Foundation and the Jewish Museum in New York.[10] He is also a member of The Council on Foreign Relations.

  6. A look at the scale of their problems.

    “We keep hearing that this is still too early, that development has a long way to go, that more charging stations are coming, that manufacturers are going to overcome all these problems in time. All of this sounds very similar to what the producers of mRNA shots say: this was just a trial run and they will get better the next time.

    Maybe but doubtful. There is a huge problem in the investment market right now. EVs are massive losers. Consumers, manufacturers, car rental companies, and every other market in which these lemons are made available are running away from them as fast as possible. They had their day in the sun and got fried.

    There is another problem: surveillance. The car can be tracked anywhere and shut off at a moment’s notice. This is obviously a great thing if the government desires a social-credit system of citizens control.

    At this point, it is doubtful that the industry can recover. And yet, even now, the Biden administration is planning more subsidies, more mandates, more restrictions on gas cars, and digging themselves even deeper into this hole.”


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