Mercedes-Benz will shift its focus entirely to electric vehicles in 2025 and will not be ready to sell anything other than electric cars until 2030, the company said on Thursday, adding that the transition depends on “market conditions”.
mercedes Thus joined the growing list of companies General Motorshandjob stellantis and renault who have announced their intention to phase out internal combustion engines in favor of battery-powered vehicles with no tailpipe emissions.
Increasingly, they have little choice. The European Union will effectively ban new cars with internal combustion engines in 2035, while Britain, Norway and other countries have also set expiration dates for vehicles that run on fossil fuels.
Daimler’s luxury carmaking division Mercedes is also facing pressure from Tesla, which is stealing well-known buyers. building a factory in berlin.
Mercedes said it would invest 40 billion euros, or $47 billion, on electric cars, vans and light commercial vehicles by 2030. In 2025, the company will introduce three new electric vehicle platforms – a collection of components and technology that can be shared between different models – and will no longer develop platforms for internal combustion engines.
The platform shift is important because it allows Mercedes to harness some of the design potential of battery-powered vehicles, such as more interior space. Electric motors are smaller than internal combustion engines and do not require large transmissions.
Mercedes said that, working with partners, it will also establish a global network of plants to manufacture batteries and produce its own electric motors.
“The EV shift is gaining momentum – especially in the luxury segment, where Mercedes-Benz belongs,” Daimler chief executive Ola Kelenius said in a statement. “The tipping point is approaching and we will be ready as markets switch to electric-only by the end of this decade.”
But the company stopped promising not to sell more cars with internal combustion engines. By 2030, some areas of the world may not have the charging networks that make owning an electric vehicle practical.
“Mercedes-Benz will be ready to go fully electric at the end of the decade, where market conditions allow,” the company said in a statement.
Robinhood plans to sell a third of its initial public offering, or $770 million in shares, directly to customers through its app. And anyone can participate in a special livestream of their investor presentations this Saturday.
The moves are extremely unusual and outpace the traditional IPO process, Erin Griffith and Lauren Hirsch report for The New York Times. No company has offered so many shares to everyday investors in the beginning; Firms usually reserve only 1 or 2 percent of their shares for clients. And investor presentations usually take place behind closed doors with Wall Street firms.
“We believe that for many of you, this will be the first IPO that you have had the chance to participate in,” Robinhood founders Vlad Tenev and Baiju Bhatt wrote in their writings. brochure offer. He added that he wants to put clients on an “equal level” with large institutional investors.
Robinhood is also letting its employees sell up to 15 percent of their shares immediately after their listing, instead of having to wait the traditional six months. This can add to volatile trading.
But the risks of opening an IPO are significant. Large professional funds hold the stocks they buy in IPOs, but there is little to stop everyday investors from immediately dumping Robinhood shares. And any technical issue could invite regulatory scrutiny and investor lawsuits, the bankers said.
In 2006, phone service provider Vonage tried to sell shares in its IPO to its clients but a technical glitch left it unclear to buyers whether their trading was gone until days later, when the stock fell. Customers sued Vonage, and regulators fined the banks running the offering.
Olympic advertisers are feeling worried about the more than $1 billion spent running ads on NBC and its Peacock streaming platform.
call to cancel The incidents have intensified as more athletes test positive for the coronavirus. event is also deeply unpopular Japanese citizens and many more. with public health specialist, who fear a superspreader event. no more audience in the stands.
For NBCUniversal, who has paid billions of dollars For the exclusive rights to broadcast the Olympics in the United States until 2032, the event is a significant source of revenue. There are over 140 sponsors for NBC’s coverage on television. Year old streaming platform Peacock and online, an increase of more than 100 signed up for the 2016 Summer Games in Rio de Janeiro, Tiffany Sue reports for The New York Times.
Chipotle’s chief marketing officer Chris Brandt said the situation was “not ideal,” but the company still planned to run a campaign Featuring profiles of Olympic athletes.
“We think people will continue to tune in without fans, as they did for all kinds of other sports,” Brandt said. “It’s going to be a mitigating factor in terms of excitement, but we also hope that the Olympics will become a unified one at a time when the country can be so divided every day.”
Advertising agency officials said the companies were regularly checking for updates on the coronavirus outbreak in Japan and may fine-tune their marketing messages accordingly.
“Everyone is a little cautious,” said David Droga, founder of the Droga5 ad agency, which worked on an Olympic campaign for Facebook. Skateboarders Showcase. “People are pretty fragile right now. Advertisers don’t want to be too pious or too clever, but they’re trying to find that right tone.”
The Biden administration on Wednesday pitched its stand on why should multinational corporations support international tax agreement Aimed at cracking down on tax shelters, a top official argued the deal would restore the order of globalization and blunt the forces of protectionism and populism, which have threatened trade in recent years.
The comments by Itai Grinberg, a Treasury Department official representing the United States in the negotiations, offered a new rationale for the agreement, which would be the largest overhaul of the international tax system in decades. If enacted, the deal would introduce a global minimum tax of at least 15 percent and allow countries to levy new taxes on the goods and services of the largest and most profitable corporations, regardless of where the companies are located. .
But the Biden administration sees the agreement as more than the end of the “downward race” on corporate taxes that has been a boon to the tax haven.
“We believe this deal is part and parcel of restoring the foundation for the continued success of the liberal international economic order as we have known it over the past 75 years,” Mr. Grinberg, Deputy Assistant Secretary of the Treasury for Multilateral Taxes, said. Said National Association for Business Economics.
The Biden administration is pushing for the agreement as part of its plan to target US technology companies without making companies in the United States less competitive around the world and to force dozens of countries to waive new digital services taxes. More than 130 countries have signed the framework of the agreement, which is being negotiated through the Organization for Economic Co-operation and Development.
Although larger companies are concerned about the prospect of higher taxes, Mr. Grinberg argued that they would benefit more from the tax settlement. He suggested that the lack of clarity and consensus in the international tax system leading to more double taxation, if left unchecked, could cause corporations to pull back cross-border investments.
“The impact of those reduced transactions will spread far beyond large companies and their shareholders, as the activity of multinationals is the backbone of globalization’s success,” Mr. Grinberg said. “And none of this will be good, because although it certainly has its flaws, globalization has brought benefits not only to multinational corporations but to people in the United States and around the world.”
The Biden administration has argued that its international tax proposals would bring more fairness to economies in the United States and around the world. They will do this, it says, by eliminating a system that allows corporations to pay less tax than middle-class workers and by giving nations more tax revenue they can spend on infrastructure and other public goods. Huh. Mr Grinberg said it would be in the interest of corporations, arguing that a sense of unfairness is creating a scenario that is problematic for global businesses.
“Can multinational businesses engaged globally succeed if economic populism, protectionism and anti-immigrant sentiment become the order of the political day?” he said.
Much remains to be done between now and October, when international negotiators hope to conclude the deal. Ireland, Estonia and Hungary yet to enter into agreement, and their resistance could prevent the EU from moving forward with the plan.
The Biden administration expects Congress to approve its proposed changes to the US global minimum tax this year, and to allow other countries to tax large US multinationals next year after technical work on that plan is completed. Will consider
During her first year as Treasury Secretary, Janet L. Tax negotiations have been a top priority for Yellen. Mr. Grinberg is working closely with another Treasury official, Rebecca Kisser, to shape the agreement and represent the United States in negotiations.
In his remarks, Mr. Grinberg said it is important to ensure that the agreement includes a dispute resolution mechanism and a mechanism to ensure that it is binding.
“Getting it right will be an essential part of this agreement to be included in a multilateral convention,” he said.