Automotive News: Mercedes walks back on EV goals as sales tank
Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to buy electric vehicles (EV) once they learn that man-made global warming in a ruse.
The company has changed its expectations to have only 50% of its sales be EVs by 2030, announcing that it will be updating its current line-up featuring the internal combustion engine into the next decade, according to Mercedes-Benz in its fourth quarter report.
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“It is almost like we will have a new lineup in 2027 that will take us well into the 2030s,” Ola Kallenius, CEO of Mercedes, said following the report, according to Reuters.
Kallenius noted near the end of last year that even European markets, which are more likely to adopt EVs, might not be able to reach the 2030 all-electric goal due to consumer reservations about issues like lack of charging infrastructure and appealing models.
The Financial Bloodbath due to EVs continues unabated
Mercedes-Benz also posted its fourth quarter results, with revenue declining a disappointing 1.8% year-over-year but up slightly by 2.1% comparing 2023 to 2022, according to a release from the company. Net profit was down 21.5% in the quarter year-over-year and 1.9% for 2023.
The company also announced a 3 billion euro stock buyback in an effort to boost its stock price, according to the fourth quarter report.
Other automakers have also had to cut EV goals, including Ford, which announced that it would be reducing production volume of its F-150 lighting as of January after losing a total of $4.7 billion on EVs in 2023. General Motors reported a $1.7 billion loss in the fourth quarter in the production and sale of its EV line, despite being profitable otherwise.