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Daimler CEO says nobody is making money on EVs right now

What do you charge for a vehicle you're going to lose money on? If you're Mercedes-Benz and the vehicle in question is the B-Class Electric Drive, you offer it for lease for just 399 euros ($498) a month with a down payment of 8,473 euros ($10,582). If Daimler was going to price it honestly, it seems, the number would have to be a lot higher. "Nobody today is making a battery-powered vehicle that's economically viable." – Daimler CEO Dieter Zetsche That's according to Daimler CEO Dieter Zetsche, who spoke to reporters in Spain recently and said that, "You can reasonably say that nobody today is making a battery-powered vehicle that's economically viable in its own right. Manufacturers will not see a return within a reasonable time on the billions they're investing now." There are ways to make money in EVs, of course. Just ask Daimler, which recently sold its stake in Tesla for a cool $780 million. Zetsche has some EV-critical company in executives like Fiat Chrysler CEO Sergio Marchionne, who has said his company loses over $10,000 on each Fiat 500E it sells. Other automakers – e.g., Tesla, Nissan – are much more positive about their financial bet on EVs, but no one is opening all their books to the public to prove this. Tesla, which worked with Mercedes on the B-Class ED, will have an earnings call with investors later today, so perhaps we'll learn something new in a few hours. The B-Class ED lease deal is for 36 months, based on an MSRP of 39,151 euros ($48,895) in Europe, including the 19 percent VAT. You can read more in the press release below. Commercial release of Mercedes-Benz B-Class Electric Drive: Local emission-free driving from ˆ399/month Stuttgart, Nov 03, 2014 With its high-torque electric motor, the B-Class Electric Drive delivers lively and superior driving pleasure – with zero local emissions. The B-Class Electric Drive is now available to order, with deliveries set to start before the end of 2014. Prices start at ˆ39,151[1]. The B-Class Electric Drive can be leased through the Mercedes-Benz Bank from ˆ399 a month[2]. Further information on the full range of tailor-made leasing and financing offers as well as specific pricing examples are available at http://www.mercedes-benz-bank.de. Quiet and local emission-free driving is ensured by a 132 kW electric motor, which, as is typical of an electric drive, delivers its maximum torque of 340 Nm right from the start. The result is noticeably powerful acceleration from rest.

2022 Mercedes-Maybach S 580 First Drive | This thing rules

I can’t help but giggle to myself cruising around in the 2022 Mercedes-Maybach S 580. It is so absurdly good at its intended purpose. Just like a Porsche 911 is to performance, the latest Maybach is to all-out luxury. Much of the MaybachÂ’s goodness is thanks to the excellence of the new S-Class. Technological innovations like rear-wheel steering, E-Active Body Control and the latest MBUX software systems, all found in the new S-Class, establish a very lofty floor for the Maybach version of the car to build upon. And yes, when you pay the Maybach S 580Â’s exorbitant $185,950 base price, you get a whole lot more than just the standard S-Class experience. Appearances are half the battle with mega-luxury yachts like this car. The Rolls-Royces and Bentleys of the world are formidable on the road, and this Mercedes-Maybach puts up a good fight. It all starts with the 7-inch-longer wheelbase, most of which youÂ’ll see represented in the massive “comfort rear doors.” And we do mean “comfort” — they electronically swing open or shut via a switch on the ceiling or via a touch to the pop-out door handles. A massive radiator-style grille replaces the comparatively subdued grille in the standard S-Class. The C-pillar is noticeably more upright in the Maybach, and it features a light-up Maybach logo that reminds everybody about how rich you are, even at night.  And lastly, thereÂ’s the utterly breathtaking two-tone paint — pictured in Obsidian Black/Manufaktur Diamond White here — that costs $12,750 extra, but is genuinely worth the coin. Robots first spray the whole body in the lower halfÂ’s color, then the dividing line is hand-painted before both it and the lower part of the car is masked off for the top color to be hand-applied by MercedesÂ’ expert painters. There are lots of steps that were just left out, but know that the process can take up to a week in the custom paint shop before the body is returned to the regular production process. The end result of all these changes is a sedan that is both deeply different in character but also recognizable as the S-Class it is based on. ItÂ’s also just as imposing and rich-looking as a Bentley Flying Spur, so donÂ’t worry about being out-classed in the country club parking lot. Deciding which seat to occupy — the driverÂ’s seat, or the lounge-like rear seat — on the way to said country club might be the most difficult decision any Maybach S 580 owner will have to make on any given day.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.