Hertz CEO Out, EV Fleet Plans Slashed Amid High Costs and Low Demand

• Hertz CEO Stephen Scherr steps down, replaced by former Cruise COO Gil West • Hertz planned to transform business by purchasing 100k Tesla EVs, helping send Tesla valuation to $1 trillion • Hertz later ordered EVs from Polestar & GM but bought few; ended up with 60k EVs total • Hertz started selling 20k EVs (1/3 of fleet) due to high Tesla repair costs & low renter demand • Move resulted in $245 million charge for Hertz & its largest pandemic-era quarterly loss