Mercedes-Benz and Porsche are showcasing curvaceous, high-end electric sports cars at the Frankfurt auto show as part of an industry effort to counter Tesla, avert billions in European pollution fines and defuse complaints from climate activists.
A growing understanding in the car industry of the value of combustion engine technology able to meet new anti-pollution requirements is likely to fuel a wave of consolidation in the next two years, industry executives and bankers say.
Tesla did not comment on profit – which is still elusive – but the robust deliveries could help jumpstart investor sentiment on Tesla.
German high-end carmaker BMW said Tuesday it would accelerate plans to introduce new electric models, as the whole industry comes under pressure to meet strict emissions regulations.
Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles.