By now, it’s become rather painfully obvious to most of us that electric vehicles just aren’t all they are cracked up to be. And now, it seems auto manufacturers are realizing the same.
The latest to come to terms with that reality is Mercedes-Benz.
You may remember that, like many in the industry, Mercedes was quick to jump on the EV bandwagon and proclaim that they would do all they could to eliminate fossil fuel vehicles in the near future by creating a more environmentally friendly alternative.
In fact, the company noted in 2021 that by 2022, they would “have battery electric vehicles (BEV) in all segments the company serves.” AND “From 2025 onwards, all newly launched vehicle architectures will be electric-only.”
But now, thanks to a hard dose of reality, the company has had to walk back those words, at least in part.
Yes, they will still be producing some EVs, as are most companies. However, their goal to replace fossil fuel vehicles has gone by the wayside. Of course, they didn’t use those exact words.
“Mercedes-Benz continued its transformation in 2023, developing new cutting-edge electric and digital innovations, while scaling electric vehicles and delivering solid financial results.”
That announcement was made on Thursday.
As CEO Ola Kaellenius described it, the process of EVs is full of “peaks and troughs.”
And already the decision has proved to be a wise one for the company. Since that announcement, the company’s stock has risen a whopping 5.9 percent, according to Fox Business.
Of course, Mercedes isn’t the only company of late that has made the wise call of reversing their stance or at least their goals for EVs. Even EV manufacturer Rivian has bit the bullet and announced cuts and layoffs. So, too has Ford Motor Co., Toyota Motor Corp., and more.
Hell, even the Biden administration has had to admit failure on the part of EVs and so cut back on their push to phase our fossil fuel-driven cars.
