The Biden administration is expected this week to finalize highly anticipated regulations targeting gas-powered vehicle tailpipe emissions, considered the tip of the spear in its efforts to electrify the transportation sector.

Stephen Scherr, chief executive officer of Hertz Global Holdings Inc. and a member of its board of directors, will step down on March 31, following the car rental company’s largest quarterly loss since 2020 after a risky bet on electric vehicles.


Scherr reportedly also told investors that Hertz’s profits experienced a $348 million loss, which he blamed EVs for.

...In January, Hertz announced its plan to offload 20,000 electric vehicles from its U.S. fleet throughout 2024, and switch back to gas cars.