CEO steps down after being hit with expensive EV repairs and low
resale prices following purchase of 100,000 Teslas

Hertz Global Holdings Inc. is replacing its chief executive officer in
the wake of a disastrous bet on electric vehicles that the company
began unwinding in recent months.
...
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Hertz doubled down on EVs in the months after Scherr took over,
placing big orders with Polestar, the electric-car maker owned by
China's Geely and Sweden's Volvo Car, and GM. The company ended up
buying a small number of cars from the two companies, a spokesperson
said.

Those bets went awry last year, when Tesla slashed prices across its
lineup to keep growing vehicle sales. This hammered the resale value
of used Model 3 sedans and Model Y crossovers just after Hertz had
added tens of thousands of those vehicles to its fleet.

By December, Hertz started selling off 20,000 electric vehicles, or
about a third of its EV fleet. Germany's Sixt SE -- a leading
car-renter in Europe -- is taking even more drastic measures, phasing
Teslas out of its fleet entirely.
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https://fortune.com/2024/03/15/ceo-steps-down-prices-following-purchase-teslas/

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