German luxury automaker Mercedes-Benz is backing away from its commitment to fully transition to Electric Vehicles (EVs) by 2030 amid weak sales, shifting back to gas-powered cars that remain in demand among car buyers.
According to Bloomberg UK, Mercedes-Benz CEO Ola Källenius told shareholders on Wednesday that the automaker’s “transformation” to EVs “might take longer than expected.”
Källenius had sought to make Mercedes-Benz fully electric by 2030. In July 2021, Mercedes-Benz announced its all-electric push, vowing to shift from an “electric-first” to “electric-only” agenda.
“The EV shift is picking up speed — especially in the luxury segment, where Mercedes-Benz belongs,” Källenius said in 2021:
The tipping point is getting closer and we will be ready as markets switch to electric-only by the end of this decade.
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