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Mercedes-Benz joins a growing list of EU-based automakers publishing their Q1 2024 financial reports today, and the German brand is relaying a similar story of staggering profits.

Mercedes-Benz remains one of the most well-known automakers out of Germany and one of the leaders in luxury vehicles. As an automaker committed to electrification, we’ve seen Mercedes continue to expand its EQ line of BEVs, which now includes a revamped EQS sedan for 2025 (seen above).

The automaker also recently revealed the “G580 with EQ technology” – an all-electric version of the famed G Class, complete with four motors and the ability to complete tank turns (although it seems to have sacrificed Mercedes’ dedication to aerodynamics to stay true to the combustion-clad design that preceded it).

As you’ll see below, EV sales continue to grow in Mercedes-Benz’s portfolio (although there’s a slight catch). Still, the automaker’s Q1 2024 report shows a slight revenue drop and an even more significant gap in other notable categories.

  • Mercedes Q1 2024
  • Mercedes Q1 2024
  • Mercedes Q1 2024

Mercedes’ Q1 2024 numbers detail steady cash flow

Mercedes-Benz shared multiple detailed reports for Q1 2024 today. Revenues are down, but plenty of other metrics support the German automaker’s confidence that it can maintain its financial outlook for the year.

One of the most notable numbers is Mercedes’ €3.86 billion ($4.18 billion) in earnings before interest and tax (EBIT) in Q1 2024. That number saw a 30% drop compared to Q1 2023 (€5.5 billion). Mercedes-Benz Cars’ EBIT was also down, reporting €2.5 billion compared to €4.1 billion in Q1 2023. Those earnings contributed to an adjusted Return on Sales of 9.0% (down from 14.8% in Q1 2023)

The German automaker cited a temporary decline in volumes and model transitions in its Top-End segment, as well as higher lifecycle management costs to ” keep products at the cutting edge” as the reasoning behind the declining percentages.

Despite negative YOY earnings, Mercedes remains quite liquid on the wings of bolstered free cash flow. Per the release:

The Free Cash Flow from the Industrial Business in the first quarter reached €2.23 billion (Q1 2023: €2.16 billion), supported by an adjusted Cash Conversion rate of 1.0 at Mercedes-Benz Cars. The Net Liquidity from the Industrial Business rose by 6% to a strong and very comfortable level of €33.6 billion (end of 2023: €31.7 billion). This included a share buyback of approximately €300 million in the first quarter. The Group’s investments in property, plant and equipment in the first quarter totaled €0.7 billion (Q1 2023: €0.8 billion). Research and development expenditure fell to €2.2 billion (Q1 2023: €2.5 billion).

Mercedes stated that pricing remained high in Q1 2024, and the automaker has no intention of engaging in any discount wars to stay competitive in the market. Instead, it expects its top-end models to lead sales and help it reach its financial goals for the year as targeted.

Speaking of sales, both BEV and PHEV numbers were down year over year (-2% and -8%, respectively). However, the overall share of EV sales in Mercedes’ portfolio was up in Q1 2024 – 19.5% compared to 18.2% a year ago. Still, it’s important to note that PHEV sales led to those boosted sales percentages, not BEVs.

Looking ahead, Mercedes-Benz believes it can remain competitive in its given segments without folding on price cuts. Per Member of the Board of Management of Mercedes-Benz Group AG, Finance & Controlling/Mercedes-Benz Mobility, Harald Wilhelm:

Mercedes-Benz delivered a solid Free Cash Flow in the first quarter thanks to our disciplined go-to-market approach, our desirable products and despite the volatile economic environment and external challenges. While we remain vigilant about the global macroeconomic and geopolitical outlook, we confirm our full-year financial targets for 2024.

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Tesla’s sales fall 87% in Quebec as its market gets wiped out

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Tesla's sales fall 87% in Quebec as its market gets wiped out

Tesla’s sales have fallen 87% in Quebec in the first quarter 2025 compared to the same period last year.

The critical Canadian market has been wiped out, and Tesla is no longer importing new vehicles.

Quebec is the leading EV market in Canada, with the highest adoption rate of new electric vehicles.

That’s due to incentives, cheap hydro electricity, and a strong base of EV enthusiasts.

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As the EV leader in North America, Quebec became an important market for Tesla.

However, Tesla’s market in Quebec is now gone.

We don’t have all Canadian data for vehicle registrations in the first quarter; however, Le Devoir managed to obtain data for Quebec from the Société d’assurance automobile du Québec (SAAQ), which revealed that Tesla delivered only 524 vehicles in Quebec during Q1 2025.

That’s down 87% compared to Q1 2024.

The pause in the Quebec and federal EV incentive programs contributed to the sharp decline, but the pause also happened in the quarter, which helped sales by creating urgency to buy and take delivery.

However, it also created an awkward situation for Tesla in which it was accused of filing thousands of questionable requests for incentives worth $42 million CAD, which it later claimed was a backlog of deliveries that it hadn’t filed yet.

This controversy added to growing brand damage for Tesla in Quebec and the broader Canada due to its CEO Elon Musk’s backing of Donald Trump, who is openly calling for the US to annex Canada.

Tesla’s Canadian Troubles are not over

While Q1 2025 was bad, Q2 could prove even worse. Tesla had to increase prices in Canada in April due to the Canadian government slapping 25% tariffs on its vehicles in response to Trump’s trade war.

The combination of the end of some incentive programs, the higher prices, and the degrading sentiment for Tesla in Canada and Quebec is leading to very few sales in the market.

A source familiar with the matter said that Tesla doesn’t plan to import more vehicles in the country this quarter due to low demand.

The broader EV market in Canada declined 45% in Q1 due to the pause in the incentive program, but Tesla’s decline was much sharper, indicating larger issues than just the lack of incentives.

Electrek’s Take

The situation for Tesla in Canada is even worse than in Europe right now. It’s not the largest market in terms of size, but it has a significantly higher EV adoption rate than the US and has helped Tesla in North America.

As long as the tariffs are in place, there’s little hope for Tesla in Canada.

Even if they are removed, which I hope happens soon, as it would mean a de-escalation of Trump’s dumb and illegal trade war, Tesla is still going to have major brand issues due to Musk’s backing of Trump and him saying some foolish things like “Canada is not a real country.”

All of those factors add to Tesla’s aging and limited lineup, which too heavily relies on Model Y, which had a refresh that wasn’t significant enough to revitalize sales.

It’s really hard to be optimistic about Tesla right now.

In Canada, Tesla currently has some inventory of the new Model Y, which it managed to secure before the tariffs. If you’re interested in a Cybertruck, there are plenty available. Although, I have a feeling that you are better off waiting a bit as I assume prices will come down.

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Here’s a closer look at Kia’s low-cost EV2 [Video]

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Here's a closer look at Kia's low-cost EV2 [Video]

Kia’s smallest and most affordable EV is already creating quite the buzz. The EV2 will sit below the EV3 in Kia’s expanding EV lineup. With its official launch approaching, the Kia EV2 was spotted on public roads, giving us a closer look at the upcoming electric SUV.

Take a closer look at the Kia EV2 caught on public roads

Although the EV2 will likely only be around 4,000 mm (157″) long, Kia promises it won’t feel so small when you’re actually in it.

Last month, we got a sneak peek of the interior at Milan Design Week. During an exclusive event, Kia showcased the EV2 concept and revealed a few new details we can expect to see.

Kia designed the EV2’s interior to be a relaxing retreat from the city’s hustle and bustle, sort of like a porch or balcony. Thanks to its flat floor layout, the SUV offers flexible seating. By folding the second-row seats and pushing the front seats forward, the EV2 offers an open space to stretch out or “enjoy a meal,” according to Kia.

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Although no other details were offered, like Kia’s newer EVs, you can expect to see its new ccNC panoramic infotainment system with dual 12.3″ driver and navigation screens.

After the EV2 was spotted driving on public roads, we are getting a better look at Kia’s upcoming electric SUV. The video from ShortsCar reveals a front-end design similar to that of the EV3, EV5, and EV9, featuring its signature vertical daytime running lights (DRLs) and Star Map lightning.

Kia EV2 driving on public roads (Source: ShortsCar)

Despite its small size, the EV2 has a surprisingly large presence on the road, thanks to its upright stance and broad wheel arches, reminiscent of the larger EV9.

A production version of the EV2 was also spotted in Germany this week, with its European debut just around the corner. The images by SH Proshots (via TheKoreanCarBlog) show a similar design to the model caught driving in Korea.

Kia will launch the EV2 in Europe and other regions in early 2026. Prices and final specs will be revealed closer to then, but the EV2 is expected to arrive with a WLTP range of around 300 miles (483 km). Smaller battery options could offer less range at a lower price.

Since it’s slated to sit below the EV3, which is 4,300 mm (169″) long, the EV2 is expected to be closer to 4,000 mm (157″) in length.

Like Kia’s other electric vehicles, it will be based on Hyundai’s E-GMP platform, which also underpins its IONIQ series.

Kia’s CEO, Ho-Sung Song, told Autocar that the company plans to launch the EV2 in the UK with prices starting at about £25,000 ($32,000). Since that was a few years ago, plans could have changed. We will learn more soon. Check back for the latest.

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Voltpost just flipped the switch on its first public lamppost EV charger

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Voltpost just flipped the switch on its first public lamppost EV charger

Voltpost, a startup that turns existing lampposts into EV chargers, has officially launched its first public charging site in Oak Park, Illinois. The curbside charger, installed in partnership with the Park District of Oak Park and utility ComEd, brings easy, affordable EV charging access right to the neighborhood.

Instead of building entirely new charging stations, Voltpost retrofits existing lampposts with a modular Level 2 charging platform. That means less construction, lower costs, and quicker deployment – Voltpost says its EV charger can be installed on a lamppost in minutes. It’s controlled via a mobile app, and it’s designed to serve public spaces like curbs and parking lots, as well as private locations like university campuses and apartment complexes.

“The deployment of a Voltpost charger in Oak Park will expand EV charging access for the local community and help catalyze the transition to sustainable transportation,” said Voltpost CEO and cofounder Jeffrey Prosserman. “This builds on our work in New York and Michigan, and it’s a step toward scaling our platform nationwide.”

Voltpost says its approach is more sustainable and equitable, since it’s using infrastructure that’s already there instead of building from scratch. And it opens up EV charging to more people who don’t have a private driveway or garage.

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Kassie Porreca, president of the Park District Board of Commissioners, said, “Ensuring the residents of Oak Park benefit from affordable access to EV charging infrastructure is vital to fulfilling our commitment to serving the needs of our community.”

Najwa Abouhassan, senior manager at ComEd and a liaison for the 2c2i climate tech initiative, said this project connects innovation with community impact. “We’re proud to support Voltpost’s mission to bring sustainable, street-level charging to the places people live and work.”

With this first public site now live, Voltpost says it’s aiming to expand across the country, turning more streetlights into smart charging hubs for EV drivers.

In 2023, Voltpost participated in the New York City Department of Transportation (DOT) Studio program, a collaboration between the NYC DOT and Newlab. In its pilot, Voltpost installed chargers on lampposts at Newlab in Brooklyn and in a DOT parking lot. The chargers were installed in an hour, operated with a high uptime, and got positive feedback from EV drivers.

Read more: This lamppost EV charger just went commercial in the US


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