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Daimler CEO says nobody is making money on EVs right now

What do you charge for a vehicle you're going to lose money on? If you're Mercedes-Benz and the vehicle in question is the B-Class Electric Drive, you offer it for lease for just 399 euros ($498) a month with a down payment of 8,473 euros ($10,582). If Daimler was going to price it honestly, it seems, the number would have to be a lot higher. "Nobody today is making a battery-powered vehicle that's economically viable." – Daimler CEO Dieter Zetsche That's according to Daimler CEO Dieter Zetsche, who spoke to reporters in Spain recently and said that, "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." There are ways to make money in EVs, of course. Just ask Daimler, which recently sold its stake in Tesla for a cool $780 million. Zetsche has some EV-critical company in executives like Fiat Chrysler CEO Sergio Marchionne, who has said his company loses over $10,000 on each Fiat 500E it sells. Other automakers – e.g., Tesla, Nissan – are much more positive about their financial bet on EVs, but no one is opening all their books to the public to prove this. Tesla, which worked with Mercedes on the B-Class ED, will have an earnings call with investors later today, so perhaps we'll learn something new in a few hours. The B-Class ED lease deal is for 36 months, based on an MSRP of 39,151 euros ($48,895) in Europe, including the 19 percent VAT. You can read more in the press release below. Commercial release of Mercedes-Benz B-Class Electric Drive: Local emission-free driving from ˆ399/month Stuttgart, Nov 03, 2014 With its high-torque electric motor, the B-Class Electric Drive delivers lively and superior driving pleasure – with zero local emissions. The B-Class Electric Drive is now available to order, with deliveries set to start before the end of 2014. Prices start at ˆ39,151[1]. The B-Class Electric Drive can be leased through the Mercedes-Benz Bank from ˆ399 a month[2]. Further information on the full range of tailor-made leasing and financing offers as well as specific pricing examples are available at http://www.mercedes-benz-bank.de. Quiet and local emission-free driving is ensured by a 132 kW electric motor, which, as is typical of an electric drive, delivers its maximum torque of 340 Nm right from the start. The result is noticeably powerful acceleration from rest.

Hamilton wins in Singapore as Vettel crashes out from pole

SINGAPORE (Reuters) - Lewis Hamilton took a huge stride toward his fourth Formula One title on Sunday by winning an incident-packed Singapore Grand Prix after Ferrari title rival Sebastian Vettel crashed out at the start. The Mercedes driver now has a 28-point cushion over the German with six of the 20 races remaining. Red Bull's Daniel Ricciardo, who also emerged from the opening lap carnage unscathed, was second for the third year in a row with Finland's Valtteri Bottas completing the podium for Mercedes. "God blessed me today for sure," said Hamilton, who set a lap record on his way to a third win in a row, as he spoke from the podium on a night where everything fell into his lap. "I came here today really thinking it was about damage limitation, and we've come out ahead. So I'm very grateful," he said later. "To come to a track that was potentially our weakest circuit, and come away with a win like this and those points, it's really such a fortunate scenario... so I definitely have a skip in my step." The Briton cashed in after Vettel, Ferrari team mate Kimi Raikkonen and Red Bull's front row contender Max Verstappen smashed into each other as they raced off the wet starting grid and into the first corner. Raikkonen had made a storming start from fourth, Vettel a less impressive one from pole position while Verstappen went for the middle ground and was caught in a Ferrari sandwich as they converged. The stewards summoned all three and decided no driver was predominantly to blame. BITTER BLOW The first race to be hit by rain in the decade that Singapore has hosted Formula One had started in treacherous conditions, puddles gleaming in the floodlights, after a formation lap behind the safety car. With Hamilton starting fifth, everything looked set for Vettel to retake the overall lead that he had surrendered only two weeks earlier at Monza in Italy. And then it all went wrong, the collision with Raikkonen punching a hole in the side of Vettel's car before he spun into the wall at turn three. "It's bitter but it's done," said the German, a four times Singapore GP winner, whose retirement ended a run of 18 successive points finishes and left him with a mountain to climb. "Championship-wise it's a big step forward," recognized Mercedes team boss Toto Wolff. "The quickest car and the quickest driver were out within a minute into the race and that can happen all the time.

2015 Australian Grand Prix all about grooves and trenches [spoilers]

We can't remember the last time 90 percent of the action in Formula One had nothing to do with cars setting timed laps. Yet that's was the situation at the Australian Grand Prix, continuing the antics from a scarcely believable off-season with blow-ups, driver and team absences, a lawsuit, and a clear need for some teams to get down and give us 50 pit stops. Nothing much has changed from a regulation standpoint, and at the front of the field nothing has changed at all. Lewis Hamilton in the Mercedes-AMG Petronas claimed the first position on the grid like someone put a sign on it that read, "Reserved for Mr. Hamilton;" teammate Nico Rosberg was 0.6 behind in second, Felipe Massa in the Williams was 1.4 seconds back in third. Sebastian Vettel proved that Ferrari didn't do another Groundhog Day routine this off-season, slotting into fourth. His teammate Kimi Raikkonen was not even four-hundredths of a second behind, ahead of Valtteri Bottas in the second Williams, Daniel Ricciardo in the first Infiniti Red Bull Racing, and rookie Carlos Sainz, Jr. in the first Toro Rosso. Lotus, now powered by Mercedes, got both cars into the top ten with Romain Grosjean in ninth, Pastor Maldonado in the final spot. However, even though the regulations are almost all carryover, in actual fact, everything has changed this year. Mercedes is even faster. Renault is even worse. Ferrari and Lotus are a lot better. Toro Rosso is looking like anything but a junior team. And McLaren is – well, let's not even get into that yet. Furthermore, this weekend was shambles: 15 cars started the race, the smallest naturally-occurring grid since 1963. Manor couldn't get its cars ready before qualifying. Bottas had to pull out after qualifying when he tore a disc in his back and couldn't pass the medical clearance tests. The gearbox in Daniil Kvyat's Red Bull gave out on the lap from the pit to the grid, and to give misery some company, the Honda in Kevin Magnussen's McLaren blew up on the same lap. When the lights went out, Hamilton ran away and was more than a second ahead of his teammate at the end of Lap 1. The advantage disappeared, though, because behind him, at the first corner, we got our first pile-up. As Raikkonen drove around the outside of Vettel at the right-hand Turn 1 it looked like Vettel, going over the kerbing, hopped to his left and bounced into Raikkonen.