Hertz CEO Resigns After Electric Vehicle Bet Fails

The CEO of Hertz is resigning after a failed bet on electric vehicles, leading to significant financial losses for the company. Hertz had ordered a large number of EVs from Tesla, Polestar, and GM, but faced challenges with low demand, depreciation, and costly repairs. The company incurred a $245 million charge and its biggest quarterly loss since the pandemic. Hertz is now selling off its electric cars due to lack of demand and high repair costs, replacing them with gas-powered vehicles.

Transition to Electric Vehicles and Challenges Faced by Polestar

Polestar CEO warns that drivers scared of change need to embrace electric vehicles, as Volvo pulls plug on support for the struggling company. Despite heavy losses, Polestar secures emergency funding and receives backing from high-profile names. Apple's secret self-driving EV project reportedly reaches a dead end after a decade of work.