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Mercedes-Benz Shelves EV-Only Plan In Favor Of More Gas-Powered Cars

https://www.forbes.com/sites/peterlyon/2024/02/28/mercedes-benz-gets-cold-feet-with-ev-only-plan/?sh=34bd97d34cfe

Feb 28, 2024,

Mercedes-Benz revealed that it will now delay its goal of becoming an electric vehicle-only brand by 2030. The firm added that it will continue to produce internal combustion-engined cars and hybrids well into the next decade.

Spurred on by weaker than expected demand for EVs, this about-face was the most recent indication that the global car industry is growing increasingly pessimistic about an all-electric future. Last month, Renault shelved plans to list its EV business Ampere because of sluggish stock market conditions. GM also cut EV production targets due to slowing demand.

Mercedes-Benz’s CEO Ola Kallenius says that his company will adopt a flexible strategy as it reacts to “peaks and troughs” in the transition towards EVs.

A mere three years ago, Mercedes expressed great optimism regarding plug-in powertrains, declaring that it will exclusively sell electric vehicles by 2030. The firm stated at the time that it would phase out gas-powered cars completely, with the proviso that it would only do so “where markets allowed.”

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