The mismanagement of the Hertz campaign by Wall Street executives has set back the electric vehicle revolution in America. Hertz filed for bankruptcy during the Covid-19 pandemic, and Tom Wagner and Greg O'Hara saw an opportunity to buy the company despite having no experience in the rental car industry.
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Hertz CEO Resigns After Bet on Electric Vehicles FailsThe CEO of Hertz Global Holdings Inc. is stepping down following the failure of the company's bet on electric vehicles. Hertz had placed large orders with electric-car makers Polestar and GM, but Tesla's price cuts and high repair costs led to a decline in the resale value of Hertz's electric vehicles. The company began selling off approximately 20,000 of its electric vehicles, resulting in a significant loss. Hertz blamed its decision to invest in Tesla vehicles for its recent financial struggles.
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