The Big Take

How Wall Street Hubris Doomed Hertz’s Bet on EVs and Tesla

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Take our Survey

By Rebecca Greenfield

April 4, 2024 at 1:33 PM UTC

When Hertz Global Holdings Inc. careened into bankruptcy in the early days of the pandemic, two finance veterans with no experience in the rental car industry saw opportunity. They bought the beleaguered company for $5.9 billion and made a big bet on EVs.