Money & The Economy

Mercedes-Benz Walks Back Huge Electric Vehicle Commitment Amid Slowing Demand

Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to adopt electric vehicles (EV) at the rate automakers expected.

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. EV sales grew 21% year-over-year in 2023, but total car sales remained relatively the same, bucking hopes that EVs would fuel growth as the automaker pushes electric models.

“It is almost like we will have a new lineup in 2027 that will take us well into the 2030s,” Ola Kaellenius, CEO of Mercedes, said following the report, according to Reuters. Kaellenius 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 Biden administration has sought to ease charging concerns as the president pushes for an EV transition, allocating $7.5 billion for charging infrastructure. Despite the huge investment, lack of demand, regulations and union requirements have stalled construction, with only two charging stations having been built as of December 2023.

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.

“Our overall goal remain unchanged: Our Ambition 2039,” Mercedes-Benz said in a statement to the Daily Caller News Foundation. “Thereby, the ambition is to make our entire fleet of new vehicles net carbon-neutral along the entire value chain and over the vehicles’ entire life cycle by 2039. Therefore, we continue to put our company in a position to go all electric.”

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact

Will Kessler

Published by
Will Kessler

Recent Posts

US EV Industry Shifts Back Into Reality Gear

At the start of each year, I write a piece in which I make a…

5 hours ago

Home Prices Under Biden Just Hit A New Milestone

Home prices hit a record high in May despite falling demand and sales activity, The…

5 hours ago

Trump Pulling Close To Even In Blue State That Hasn’t Voted Republican In Half A Century

Former President Donald Trump is closing in on President Joe Biden in Minnesota, a state…

5 hours ago

Republicans Outpace Dems In Fundraising As Control Of Key Legislatures Hangs In Balance

Republican campaign committees tasked with electing conservatives to state legislatures hold a significant fundraising advantage…

5 hours ago

Our Debater-In-Chief Takes A Week Off To Learn How Great His Presidency Has Been

If the current reports are correct, the dunce in the White House is going to…

6 hours ago