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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.

2016 Malaysian Grand Prix recap: Surprises and missed opportunities

Mercedes-AMG Petronas pilot Lewis Hamilton drove so well in the run-up to the Malaysian Grand Prix that he said before the race, "Honestly, I don't feel anything is going to stop us." On Sunday, the Sepang race showed what it thought of plans and predictions. Heading into the right-hand Turn 1, Sebastian Vettel practically recreated the dust-up at the Belgian Grand Prix three races ago. When Mercedes' Nico Rosberg swept across from the outside line toward the apex, Red Bull's Max Verstappen had to jink right to avoid, touching Vettel's Ferrari on the inside. Vettel speared straight on and hit Rosberg. Vettel's left front suspension broke, ending his race. Rosberg spun and got moving again, but at the back of the pack. That appeared to put Hamilton on a clear run to the checkered flag. His car looked perfect, his pace was perfect, he easily kept Red Bull's Daniel Ricciardo and Verstappen behind. A result that would have seen Hamilton retake control of the Driver's Championship – at Petronas' home race – got crushed on Lap 41 when Hamilton's engine blew down the main straight. That put Ricciardo in the lead, followed closely by his teammate. Just two laps before Hamilton's exit, Ricciardo and Verstappen had battled for second place with some of the best driving we've seen all season. Ricciardo drove as if exorcising the demons of missed opportunities earlier in the year, keeping the young Dutchman behind. The two Red Bulls took the flag fifteen laps later in that order, clocking the first one-two finish for a team other than Mercedes since 2014. It's Red Bull's first one-two since Brazil 2013, when Vettel and Mark Weber took the top steps at the last race of the V8 era. Rosberg recovered to take third in spite of a ten-second penalty for an optimistic pass on Ferrari's Kimi Raikkonen. The Finn crossed the line 12 seconds later, followed by Valtteri Bottas in the Williams and Sergio Perez in the Force India. In another Belgium repeat, Fernando Alonso drove from the back of the grid to finish seventh. Nico Hulkenberg secured eighth, Jenson Button ninth for McLaren in his 300th grand prix, and rookie Jolyon Palmer scored his first point of the season for Renault in tenth. The issue to trump all others from now until next week's Japanese Grand Prix: Lewis Hamilton's terrible luck with engines. Power unit gremlins earlier this season helped drop the Brit to 43 points behind Rosberg after the Russian Grand Prix.

Recharge Wrap-up: BMW i8's Engine of the Year, biodiesel producer guilty

BMW has won International Engine of the Year for the hybrid system in the i8. The i8 PHEV uses a 1.5-liter, three-cylinder gasoline engine with a hybrid drive unit including a 96-kilowatt electric motor. BMW beat Ford's 1.0-liter EcoBoost engine by a small margin to win the award for best overall engine. It also took the award for the 1.4-liter to 1.8-liter category, as well as best new engine. Tesla beat BMW to win the green engine category for the electric powertrain of the Tesla Model S. Read more at Green Car Congress, or see all of the results from the International Engine of the Year Awards. The head of Audi powertain development is quitting as the automaker steps up electrification. Stefan Knirsch has worked at Audi since late 2013, and previously worked at Porsche as the head of quality management and engine development. Germany's Auto Motor und Sport magazine had reported that Knirsch was leaving Audi, which Audi confirmed without giving a departure date or saying if he would be working elsewhere. Audi has been feeling pressure from its competitor Mercedes-Benz, and has been working on improving its EV offerings and autonomous vehicle technology. Read more from Reuters. The owner of a biodiesel company has pleaded guilty to fraud. Philip Joseph Rivkin, aka Felipe Poitan Arriaga, took part in a scheme to defraud the EPA, falsely claiming to be producing millions of gallons of biodiesel. This allowed his company, Green Diesel, to receive renewable fuel credits and sell them to oil companies and brokers. "These crimes are a serious threat to an important program that helps combat climate change," says Cynthia Giles of the EPA. "Companies and individual managers should get the message that there are serious consequences for breaking the rules and undermining the integrity of this program." Rivkin faces over 10 years in prison and $51 million in restitution. Read more in the press release below. Biodiesel Fuel Company Owner Pleads Guilty to Fraud and Clean Air Act Crimes Connected to Renewable Fuels Scheme Philip J. Rivkin faces more than 10 years imprisonment and $51 million in restitution WASHINGTON – Philip Joseph Rivkin, a.k.a. Felipe Poitan Arriaga, 50, today pleaded guilty to a Clean Air Act false statement and mail fraud as part of his role in a scheme to defraud EPA by falsely representing that he was producing millions of gallons of biodiesel fuel.