Top Auto Executives Admit Carmakers Will Be Waiting Years to See Any Profit from EVs

Industry News

Not all auto executives think so.

OK, so Tesla has proven that an EV can have serious performance abilities, reliability, and plenty of range. Just as important, it can also be a status symbol. So while the buying public may be warming up to EVs in general, not all automotive executives believe them to be profitable. Fiat-Chrysler CEO Sergio Marchionne has already stated as much. Perhaps the best and most recent example of this is Daimler CEO Dieter Zetsche.

As the guy running Mercedes-Benz, his opinion on the subject is quite relevant. At an event in Spain just a few days ago, he said: "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." So how would Zetsche get the money back his company invested in Tesla? Simple, it just sold its stake in the EV automaker for $780 million. However, this doesn’t mean Daimler and other automakers have any plans to abandon EVs entirely. More than likely they’ll be taking a far more conservative approach to the technology for the foreseeable future.

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