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Wall Street investors aimed to revolutionize the car rental business by adding 100,000 Teslas to Hertz's fleet, but faced challenges with EVs in the rental market. The podcast explores Hertz's bold but ultimately unsuccessful Tesla bet, highlighting the hurdles of range anxiety, repair costs, and depreciation. It delves into the uncertainties of EV adoption and discusses the future of electric vehicles.
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- Despite initial promise, Hertz faced challenges with customer hesitance towards renting Teslas due to range anxiety.
- Hertz struggled with infrastructure challenges in managing a large EV fleet, including inadequate charging infrastructure impacting operations and costs.
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Hertz's Ambitious EV Bet
Hertz, post-bankruptcy, under investors Wagner and O'Hara, bets big on EVs, ordering 100,000 Teslas to capitalize on post-pandemic travel demand. The vision includes modernizing systems, automating services, and partnering with Uber and Carvana. An unconventional CEO, Stephen Shure, leads the revamped Hertz. The initial promise culminates in a successful IPO, but challenges soon surface.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode