General EV Conversation
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
I take everything I read with a grain of salt. I don't think we are in for a crash, but it looks like we are heading back to a buyers market where full negotiations with the dealership will be back
Lead Lap
Joined: May 2010
Posts: 3,954
Likes: 1,578
From: San Diego, CA
https://www.autoblog.com/2024/02/22/...atQ_fIsIOom7x4
I knew this would happen and was told I was basically crazy when I called it years ago. MB is just the first to go back on the 2030 goal.
STUTTGART — Mercedes-Benz on Thursday toned down expectations on EV demand and said it will update its combustion engine lineup well into next decade, becoming the latest carmaker to flag a slower than expected appetite for electric cars.
The company, which has been preparing for all-electric sales by 2030, said it now expects electrified sales — including hybrids — to account for up to 50% of the total by that date.
CEO Ola Kaellenius cautioned towards the end of last year that even Europe would likely not be ready by 2030 for an all-electric lineup, with multiple studies showing customers were holding back for a range of reasons including a lack of charging infrastructure and appealing electric models.
Kaellenius said Mercedes-Benz wanted customers and investors to know it was well-positioned to carry on producing combustion engine cars and was ready to update the technology well into next decade.
I knew this would happen and was told I was basically crazy when I called it years ago. MB is just the first to go back on the 2030 goal.
STUTTGART — Mercedes-Benz on Thursday toned down expectations on EV demand and said it will update its combustion engine lineup well into next decade, becoming the latest carmaker to flag a slower than expected appetite for electric cars.
The company, which has been preparing for all-electric sales by 2030, said it now expects electrified sales — including hybrids — to account for up to 50% of the total by that date.
CEO Ola Kaellenius cautioned towards the end of last year that even Europe would likely not be ready by 2030 for an all-electric lineup, with multiple studies showing customers were holding back for a range of reasons including a lack of charging infrastructure and appealing electric models.
Kaellenius said Mercedes-Benz wanted customers and investors to know it was well-positioned to carry on producing combustion engine cars and was ready to update the technology well into next decade.
Regardless, I smell a slight rat here. If Mercedes were actually getting ready for an ICE-only transition by 2030, they would have probably already passed the point of no return. Development cycles and production cycles are long, and had they been all in on EV powertrains up to this point there's almost no turning back as they would have had more compelling EV models in development at the expense of ICE models and in particular ICE powertrains - and it's hard to pivot, even with five years or so to go. So they weren't actually where they felt they needed to be, IMO.
Upshot is the problem MB is facing isn't necessarily a lack of demand, it's probably a lack of their own readiness. My own somewhat educated guess is that they are behind where they need to be in the EV transition cycle to make the 2030 pledge a reality and the current noise about EV demand provides a convenient opportunity to blame the market rather than their own lack of readiness. If EV sales go where I think they will go over the next few years it would not surprise me at all to see MB pivot right back.
TLDR - it's their own readiness and not the EV market that's actually behind this,
Last edited by swajames; Feb 23, 2024 at 02:53 PM.
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
I was talking to a few people who I sent Tesla referrals to see how far along they are in executing....Tesla is offering 10x credits to any referral who places an order by March 1st. Problem is, they are waiting for Juniper 😳. I suspect there are a lot of buyers out there holding out
"EV stocks are taking a crotch kicking"
And meantime, NVIDIA just keeps climbing
"EV stocks are taking a crotch kicking"
And meantime, NVIDIA just keeps climbing
Lexus Champion
Joined: Jan 2012
Posts: 17,021
Likes: 496
From: Knoxville, TN
It’s people on here that were telling me that ICEs are done on MB within a few years and certainly by 2030, lmao. I laughed at that too.
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
No matter how you slice it:
https://www.canarymedia.com/articles...d-setting-year
Last edited by AMIRZA786; Feb 23, 2024 at 01:50 PM.
Lexus Fanatic
Joined: Sep 2010
Posts: 25,962
Likes: 4,291
From: Alberta
I bought 18 shares when it was at $460-ish back then a whisper in my ear said NVDA is going to $1,000. I couldn't bring myself to buy with margin because I'm a chicken. Nvidia's earnings per share is more than double Tesla so I suppose the stock price is justified.
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
. I'll get in at some point, I'm told it still bullish and has a ways to go
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Lexus Fanatic
Joined: Sep 2010
Posts: 25,962
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From: Alberta
I get gun shy when a stock goes up this quickly but the only way it does is when people buy en masse. No matter how irrational I know it is, I still get mad at myself for not being able to predict things.
Lexus Champion
Joined: Jan 2012
Posts: 17,021
Likes: 496
From: Knoxville, TN
https://www.reuters.com/business/aut...te-2024-02-22/
STUTTGART, Feb 22 (Reuters) - Mercedes-Benz on Thursday delayed its electrification goal by five years and assured investors it would keep sprucing up its combustion engine models, becoming the latest carmaker to flag a weaker-than-expected appetite for battery-powered cars.
The company now expects sales of electrified vehicles, including hybrids, to account for up to 50% of the total by 2030 - five years later than its forecast from 2021, when it aimed to hit the 50% milestone by 2025 with mostly all-electric cars..
It’s this that I saw coming years ago. Other brands will follow suit, watch.
They won’t be selling 50% hybrids by then either, they’ll go back on it as well.
STUTTGART, Feb 22 (Reuters) - Mercedes-Benz on Thursday delayed its electrification goal by five years and assured investors it would keep sprucing up its combustion engine models, becoming the latest carmaker to flag a weaker-than-expected appetite for battery-powered cars.
The company now expects sales of electrified vehicles, including hybrids, to account for up to 50% of the total by 2030 - five years later than its forecast from 2021, when it aimed to hit the 50% milestone by 2025 with mostly all-electric cars..
It’s this that I saw coming years ago. Other brands will follow suit, watch.
They won’t be selling 50% hybrids by then either, they’ll go back on it as well.
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
"Slower economic growth, supply chain bottlenecks, and trade tensions between China and both the U.S. and European Union also weighed on Mercedes-Benz's outlook for 2024, the carmaker said, forecasting lower returns on sales across its car and van division"
It's expensive building factories, setting up supply chains, getting access to battery materials etc. This only tells me like @swajames stated earlier that they are just not there yet. EV's are negative revenue on their books, and with the problems listed above, it only makes sense that that they slow down or pause more investments in this direction. And lower returns from all their car lines is just making things worse
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
https://www.reuters.com/business/aut...te-2024-02-22/
STUTTGART, Feb 22 (Reuters) - Mercedes-Benz on Thursday delayed its electrification goal by five years and assured investors it would keep sprucing up its combustion engine models, becoming the latest carmaker to flag a weaker-than-expected appetite for battery-powered cars.
The company now expects sales of electrified vehicles, including hybrids, to account for up to 50% of the total by 2030 - five years later than its forecast from 2021, when it aimed to hit the 50% milestone by 2025 with mostly all-electric cars..
It’s this that I saw coming years ago. Other brands will follow suit, watch.
They won’t be selling 50% hybrids by then either, they’ll go back on it as well.
STUTTGART, Feb 22 (Reuters) - Mercedes-Benz on Thursday delayed its electrification goal by five years and assured investors it would keep sprucing up its combustion engine models, becoming the latest carmaker to flag a weaker-than-expected appetite for battery-powered cars.
The company now expects sales of electrified vehicles, including hybrids, to account for up to 50% of the total by 2030 - five years later than its forecast from 2021, when it aimed to hit the 50% milestone by 2025 with mostly all-electric cars..
It’s this that I saw coming years ago. Other brands will follow suit, watch.
They won’t be selling 50% hybrids by then either, they’ll go back on it as well.
I would bet you every cent I had that you are dead wrong, but I don't gamble, unless it involves stocks
CL Community Team
Joined: Aug 2006
Posts: 12,523
Likes: 216
From: San Francisco, CA
ugh, I agree with statements that MB is simply shifting blame to consumers for their lackluster EQ line. If they actually produced good looking EVs that weren't basically the same vehicle in 3 lengths, Im sure they would have more adopters.
Lexus Champion
Joined: Oct 2019
Posts: 19,655
Likes: 3,748
From: California
Remember when the EQS was first posted in Car Chat in 2022? People were comparing it's looks to a Civic. It's bubble shape is just not appealing to MB customers