In 2021, Hertz made a big splash when it announced plans to buy 100,000 Teslas and greatly expand its fleet of EVs. Two and a half years later, the brand is selling off many of those EVs at perilously low prices.
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.
Hertz is the latest automotive giant to feel the sting of an early investment in EVs not going to plan immediately. For the rental car giant, the biggest issues were low demand from renters and high repair costs from suppliers.
