Mercedes-Benz has high hopes for its luxury electric vehicles, with expectations of a surge in sales for their high-end products in the coming year. Despite an overall stabilization in deliveries, the German automaker is betting on its new business strategy, emphasizing high-end vehicles such as the EQS SUV and Maybach models, to drive growth.
The EQS SUV, with a starting price of $104,400, is expected to generate significant business for the brand and compete with capable rivals like the Tesla Model X and BMW iX. Mercedes-Benz aims to double EV sales this year, despite increasing competition in the luxury EV market.
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The Maybach range has also been expanded with the electrified S580e, the first plug-in hybrid vehicle sold under the ultra-luxury sub-brand. This has contributed to the company’s success, with the average price of a Mercedes reaching around $77,700 last year, significantly higher than in 2019 and 2021.
The success of the Maybach division, with 21,600 cars sold last year and 1,100 vehicles going to China every month, has been a significant contributor to the company’s growth. Mercedes-Benz plans to further focus on profitable models with wider appeal, indicating the discontinuation of less popular models such as coupe SUVs, station wagons, and four-door coupes.
With a 28% increase in profits from 2021 to 2022, with earnings before interest and tax at around $21.8 billion, Mercedes-Benz’s chosen strategy has proven successful. The automaker’s upcoming EQG and EQS AMG electric vehicles are expected to contribute significantly to the company’s future growth.
