Luxury car brand pumps brakes on electric vehicle goals after profits plunge
A 2021 Mercedes-Benz GTR Roadster (Photo by Joe Kovacs)
(FOX BUSINESS) -- Mercedes-Benz reiterated this week that it will continue to produce gas-powered vehicles well into the next decade, acknowledging its goal for producing nothing but electric vehicles is not going as well as the company hoped, amid a decline in profits.
"We want a CO2-neutral fleet by 2039," CEO Ola Källenius said in prepared remarks to shareholders at the automaker's general meeting on Wednesday. "However, the transformation might take longer than expected."
Källenius said Mercedes will stick with making both EVs and electrified combustion engines, "If the demand is there, well into the 2030s."
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