Mercedes-Benz is seeing lower than expected consumer adoption rates for electric vehicles (EVs), CFO Harald Wilhelm said on Thursday, describing the EV market as a “pretty brutal space”.
The company remained committed to its EV targets but could benefit from its combustion engine portfolio if margins on EVs remained lower than previously assumed.
“With some traditional players selling BEV vehicles below the level of ICE (internal combustion engine cars) ... this is a pretty brutal space. I can hardly imagine the status quo is fully sustainable for everybody,” he said.
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