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Automakers face reality of EVs' cost — to jobs, and their bottom line

Related: We obsessively covered the Frankfurt Motor Show — here's our complete coverage FRANKFURT, Germany — European car bosses gathering for the Frankfurt auto show are beginning to address the realities of mass vehicle electrification, and its consequences for jobs and profit, their minds focused by government pledges to outlaw the combustion engine. As the latest such announcement by China added momentum to a push for zero-emissions motoring, Daimler, Volkswagen and PSA Group gave details about their electric programs that could give policymakers some pause. Planned electric Mercedes models will initially be just half as profitable as conventional alternatives, Daimler warned — forcing the group to find savings by outsourcing more component manufacturing, which may in turn threaten German jobs. "In-house production is almost irrelevant to the consumer," Daimler boss Dieter Zetsche told reporters on the eve of the Frankfurt Motor Show, in the midst of a German election campaign in which automotive jobs have loomed large. The company set a target of saving 4 billion euros ($4.8 billion) by 2025 to help fund the cost of its electric cars. "Daimler is the first company to state explicitly how much electric vehicles are going to hurt margins," said Bernstein analyst Max Warburton. "It was brave to go first — but of course it won't be the last." Volkswagen, for its part, said it was seeking new global supplier contracts to source 50 billion euros ($60 billion) of electric car content including batteries, which are not yet manufactured competitively in Europe. "A company like Volkswagen must lead, not follow," Chief Executive Matthias Mueller told reporters. VW diesel emissions-cheating exposed by U.S. regulators in 2015 triggered global public outrage, dozens more investigations into test-rigging by the wider industry and a push by some lawmakers to ban diesel and eventually all engines. TIGHTENING NOOSE Tesla shares jumped nearly 6 percent on Monday after a Chinese minister said it was a question of when, not if, Beijing bans fossil-fuel cars, tightening the noose around the combustion engine. France and Britain have promised its outright abolition by 2040. But PSA, the maker of Peugeots and Citroens, said it was concerned about the risks if consumers were left behind in the rush, and a new generation of battery cars does not sell.

Chicago Car2Go app reportedly hacked, some 100 cars missing

Car2Go launched in Chicago in the summer of 2018, with 400 Daimler cars rolled out on the Windy City streets soon after. But that big fleet just took a big hit: The car-sharing app has now reportedly been hacked, and some 100 cars have been stolen as a result. CBS Chicago is reporting that some of the missing cars have been used to commit crimes. It is yet unclear what the hacking has exactly enabled the perps to do, but the compromised app appears to have opened the doors and given the thieves free rein with easily stolen cars. Within Chicago, there is a 29 square mile area where the vehicles were supposed to be dropped off, but they haven't been limited from exiting that zone at any point. The Chicago Car2Go fleet started out with Smart ForTwo cars and bigger Mercedes-Benz CLA/GLA models; we can imagine the ForTwos are a touch slight for any ram raiding, but an escape car that can vanish in a crowd of other shared Smart cars seems handy for misuse. To address the matter, Car2Go froze its Chicago operations today, saying it is "neutralizing a fraud issue and working together with law enforcement." No personal or confidential user info is said to have been compromised. CBS Chicago's Brad Edwards tweeted today that 12 people have been taken into custody so far, with the story developing as we speak.

2014 Mercedes-Benz C63 AMG Edition 507 still lights our fire

The current Mercedes-Benz C63 AMG may be in the autumn of its years, but it's still one of our very favorite sport sedans. Ever. Yes, its paddle-shift transmission may not always follow orders, but with stupendous levels of thrust from its charismatic naturally aspirated 6.2-liter V8, ebullient rear-wheel-drive dynamics and that noise, we frankly don't care that it's getting on a bit.
As a sendoff of sorts for the current generation, Mercedes-Benz has just introduced a new Edition 507 model at the Geneva Motor Show, with 507 horsepower and 450 pound-feet of torque - an increase of 56 horses over the standard car. Mercedes credits the substitution of low-mass internals from the SLS AMG gullwing for the power bump, a tactic shared with the AMG Development Package upgrade that has been subsumed by this Edition 507. 0-60 is quoted at 4.1 seconds and top speed at 174 mph.
The Edition 507 borrows its aluminum hood from the C63 AMG Black Series Coupe, along with spidery new 19-inch wheels in either titanium gray finish or matte black with shiny rim flanges. As seen on our gallery car above, a sports striping package is also featured, as are glossy black grille, daytime running lamps, spoiler and mirror caps.