Business

Automakers Vow Not to Give Up on Weak-Selling Electrics

Published

11 years ago

March 3, 2015

Daimler CEO Dieter Zetsche presents the new Mercedes GLE 450 AMG Coupe on the first press day of the Geneva International Motor Show Tuesday, March 3, 2015 in Geneva, Switzerland. The show opens its doors to the public March 5 through March 15. (AP Photo/Laurent Cipriani)

DAVID McHUGH, Associated Press
GREG KELLER, Associated Press

GENEVA (AP) — Top automakers are vowing not to give up on weak-selling electric vehicles — even as they unveil an array of powerful luxury cars with conventional engines aimed at a growing global market.

BMW AG CEO Norbert Reithofer said Tuesday at the Geneva International Motor Show that his company cannot do without battery-powered vehicles such as its i3 urban compact.

“In the future, electric drive vehicles will be in demand,” he said, adding that the Munich-based automaker could not meet its targets to reduce emissions without them.

Only about 75,000 of the 12.5 million vehicles sold last year in Europe were electrics or hybrids. Still, auto companies have sunk billions into developing alternative propulsion vehicles over the long term due to government requirements to limit vehicle emissions and with an eye to restrictions on autos in China due to heavy air pollution. The European Union requires companies to average 95 grams of CO2 per kilometer (0.6 miles) for their new cars by 2021, down from a limit of 130 grams per kilometer this year.

Daimler CEO Dieter Zetsche said hybrids combining internal combustion and batteries were “truly attractive cars that represent the best of both worlds” and serve as a bridge to future no-emissions vehicles. Daimler introduced a rechargeable plug-in hybrid of its C-class sedan at the show.

Zetsche cautioned, however, that the long-life batteries needed for electrics to conquer the market are at least five years off.

The calls to keep developing alternative-drive cars come even as high-end luxury cars take pride of place at this year’s Geneva show. Lamborghini, Ferrari, Audi and McLaren all are unveiling high-speed machines costing hundreds of thousands, while Daimler has the Maybach Pullman stretch limousine, which will go on sale for north of 500,000 euros ($561,000).

Volkswagen CEO Martin Winterkorn stressed his company’s commitment to new technologies even as the company’s Lamborghini brand showed off its Aventador LP 750-4 Superveloce, a sleek beast of a sports car with an enormous 750 horsepower and a top speed of over 217 mph (350 kph). It puts out 375 grams per kilometer of CO2.

Volkswagen also unveiled a concept sport coupe that’s hybrid-driven and can reach 150 mph. It emits only 46 grams of CO2 per kilometer.

Auto executives were cautiously optimistic for sales this year in China, the United States and Europe – the three sales pillars for export-oriented German carmakers. Expectations are tempered by worries over Russia’s conflict with Ukraine and economic difficulties in Brazil, another key market.

Analysts at IHS Automotive foresee global car market growth of 2.4 percent, held back by shrinking demand in Russia, which appears headed for recession. BMW’s Reithofer reported the company’s sales slide 17 percent there last year.

Auto sales grew last year in Europe by 5.6 percent, the first growth since 2007.

The emphasis at the show on luxury vehicles highlighted the split in the market between steady sales to the wealthy and shakier demand for moderately priced vehicles. Fiat Chrysler Automobiles CEO Sergio Marchionne, whose vehicles are more in the mass-market end of the market, said that “we were scraping the bottom of the barrel but now we’re seeing the beginning of recovery. It’s not phenomenal but I’ll take it.”

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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3 weeks ago

March 17, 2026

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As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC