Carmakers Flag Difficult Year on Costs, Muted EV Demand
- Mercedes, Toyota rely on other drivetrains to defend sales
- Slow growth in Europe, EV price war in China add to issues
This article is for subscribers only.
Automakers across Europe and Asia are warning of a challenging year as rising costs and waning demand for electric vehicles weigh on profits.
Mercedes-Benz Group AG on Wednesday said it will sell combustion-engine cars longer than expected amid disappointing EV sales. Toyota Motor Corp., which sees operating income slumping by a fifth this fiscal year, is relying on hybrids to counter lower output. BMW AG, even as it’s doing better on EVs, flagged problems including higher manufacturing expenses.