GLOBAL MARKETS: Mercedes-Benz’s electric dreams
Mercedes-Benz will earn as much from electric cars as it does from its luxury combustion engine models by the end of this decade, its CEO said, becoming the first premium German automaker to provide a precise target for the turning point in profits.
Ola Källenius, boss of Mercedes owner Daimler, revealed the timetable after the company announced it would divorce its car arm from its trucks unit in an attempt to ape the soaring market valuation of electric auto pioneer Tesla.
Retail investors who piggybacked on a rally in a clutch of stocks including GameStop are nursing heavy losses as shares have come crashing back to earth. By the end of last week, more than $36bn had been wiped from the valuations of the five main companies whose shares rocketed higher at the end of January. GameStop shares have plunged nearly 90% since hitting a peak of $513.12 in premarket trading on January 28.
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