A year after emerging from bankruptcy in 2020, Hertz announced it was transforming its car rental business with plans to purchase 100,000 Tesla electric vehicles. Scherr joined Hertz after this decision, but increased his bets on electric vehicles with agreements with Polestar and GM. However, the company did not purchase many electric vehicles from these automakers, but ended up with around 60,000 vehicles from three manufacturers.
Things went downhill after that. Tesla has sharply reduced the prices of its Model 3 and Model Y electric vehicles, reducing their resale value. Additionally, Hertz said Tesla vehicles are expensive to repair and unpopular with renters.
As a result, the company began getting rid of 20,000 electric vehicles, about a third of its electric fleet. This resulted in a $245 million loss for Hertz, its largest quarterly loss since the start of the pandemic. Other car rental companies have also recently abandoned electric vehicles, with Germany’s Sixt disposing of its entire fleet.
West, meanwhile, was one of nine Cruise executives fired following an incident in which a pedestrian was pulled under the Cruise vehicle after colliding with another vehicle. Authorities accused the company of hiding video footage that allegedly showed the victim underneath their vehicle.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
