Mercedes-Benz will shift its focus to electric vehicles by 2025.

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The Mercedes-Benz EQA is part of the automaker's EQ lineup of all-electric models.
Credit…John Macdougall/Agence France-Presse — Getty Images

The company said on Thursday that Mercedes-Benz will focus on all-electric vehicles in 2025 and will not be ready to sell anything but electric cars by 2030, adding the caveat that the transition is dependent on “market conditions”.

Mercedes joined a growing list of companies, including general engines, stellantis and Renault Companies that have declared their intention to accelerate the death of internal combustion engines in favor of battery vehicles without exhaust emissions.

They have less and less choice. The European Union will effectively ban new cars with internal combustion engines in 2035, while the UK, Norway and other countries have set expiration dates for vehicles powered by fossil fuels.

Daimler’s luxury car manufacturing division Mercedes is also facing pressure from Tesla, which steals well-meaning buyers. Build a factory in Berlin.

Mercedes said it will invest 40 billion euros or $47 billion in electric cars, minibuses and light commercial vehicles by 2030. In 2025, the company will introduce three new electric vehicle platforms, collections of components and technologies that can be shared between different models. – and will no longer develop platforms for internal combustion engines.

The platform shift is important because it allows Mercedes to take advantage of some of the design potential of battery-powered vehicles, such as more interior space. Electric motors are smaller than internal combustion engines and do not require large transmissions.

Mercedes said it will, working with partners, build a global network of factories to manufacture batteries and manufacture its own electric motors.

“The EV change is gaining momentum – especially in the luxury segment, where Mercedes-Benz belongs,” Daimler CEO Ola Källenius said in a statement. “The tipping point is approaching and we’ll be ready by the end of this decade as markets switch to electrification only.”

But the company has stopped promising to sell no more cars with internal combustion engines. By 2030, some parts of the world may not have charging networks that make it practical to own an electric vehicle.

“Mercedes-Benz will be ready for fully electric operation by the end of the decade when market conditions allow,” the company said in a statement.

A protest at Robinhood's headquarters in Menlo Park, California, in January after the app said it would limit GameStop trading.
Credit…Ian C. Bates for The New York Times

Robinhood plans to sell a third of its initial public offering, or $770 million of its shares, directly to customers through its app. And anyone can join a special live stream of investor presentations this Saturday.

The moves are highly unusual and upset the traditional IPO process. Erin Griffith and Lauren Hirsch covered for The New York Times. No company has initially offered so many shares to day traders; firms usually reserve only 1 or 2 percent of their shares for customers. And investor presentations are often held behind closed doors with Wall Street firms.

“We are aware that for many of you this will be the first IPO you have a chance to participate in,” Robinhood founders Vlad Tenev and Baiju Bhatt wrote in their article. offer a prospectus. They added that they want to put clients on “even ground” with large institutional investors.

Robinhood also allows its employees to immediately sell up to 15 percent of their shares as soon as they are listed, instead of having to wait for the traditional six months. This can contribute to volatile trading.

But the risks of taking an IPO are significant. Major professional funds tend to hold stocks they buy in an IPO, but there’s little to stop day-to-day investors from abandoning Robinhood’s stock right away. Any technical issues could invite regulatory scrutiny and investor lawsuits, the bankers said.

In 2006, telephone service provider Vonage attempted to sell shares to customers in its IPO. But a technical glitch left it unclear whether buyers’ trading continued until days later, when the stock fell. Customers sued Vonage, and regulators fined the banks that executed the offer.

Major companies have stuck to their plans to sponsor the Tokyo Olympics, despite calls to cancel the event due to the pandemic.
Credit…Hiroko Masuike/The New York Times

Olympic advertisers are worried about the more than $1 billion they spend advertising on NBC and the Peacock streaming platform.

Calls to be canceled Events intensified as more athletes tested positive for the coronavirus. The event is also deeply unpopular Japanese citizens and many public health professionals, fearing a super emitter event. And no it will audience at the stands.

for paying NBCUniversal millions of dollars For the exclusive rights to broadcast the Olympics in the United States until 2032, the event is a crucial source of income. There are over 140 sponsors for NBC’s televised coverage. annual streaming platform Peacock and online, an increase of over 100 signed for the 2016 Summer Games in Rio de Janeiro, Tiffany Hsu reports for The New York Times.

Chris Brandt, Chipotle’s chief marketing officer, said the situation wasn’t “ideal” but the company still had a campaign Containing profiles of Olympic athletes.

“We think people will continue to watch, even without the fans, as with any other sport,” Brandt said. “There will be a dwindling factor in terms of excitement, but we also hope the Olympics will be somewhat unifying at a time when the country seems so divided every day.”

Advertising agency executives said companies regularly check for updates on the coronavirus outbreak in Japan and can tweak their marketing messages accordingly.

“Everyone is a little cautious,” said David Droga, founder of the Droga5 ad agency, which is working on an Olympics campaign for Facebook. show off skateboarders. “People are pretty fragile right now. Advertisers don’t want to be too sweet or too clever, but they’re trying to find the right tone.”

“A tax treaty is needed for the continued success of the liberal international economic order,” said Itai Grinberg, assistant secretary of the Treasury Department.
Credit…Stefani Reynolds for The New York Times

The Biden administration is asking why multinational companies international tax treaty A senior official claimed the deal would restore order to globalization and blunt the forces of protectionism and populism that have threatened business in recent years, while aiming to tear down tax shelters.

Comments by Itai Grinberg, the Treasury Department official who represented the United States in the negotiations, provided a new rationale for the deal, which would require the largest overhaul of the international tax system in decades. If the deal goes into effect, it would introduce a global minimum tax of at least 15 percent and allow countries to impose new taxes on the goods and services of the largest and most profitable companies, regardless of where the companies are located.

But the Biden administration sees the deal as more than an end to the corporate tax “race to the bottom”, a boon to tax havens.

“We believe this agreement is part and parcel of restoring the foundations of the continued success of the liberal international economic order as we have known it for the past 75 years,” Mr. Business Economics Association.

The Biden administration is pushing the deal as part of a plan to raise taxes and have dozens of countries lower new digital services taxes targeting American tech companies without making companies in the United States less competitive around the world. More than 130 countries signed the framework for the agreement, which was negotiated through the Organization for Economic Cooperation and Development.

While large corporations are worried about the possibility of higher taxes, Mr. Grinberg argued that they have more to gain from a tax treaty. He argued that the lack of clarity and consensus in the international tax system has led to more double taxation, which, if left unchecked, could cause companies to withdraw cross-border investments.

“The impact of these declining transactions will extend far beyond large corporations and their shareholders, because the activities of multinational corporations are the backbone of the success of globalization,” said Mr. Grinberg. “And none of that would be good, because while it certainly has its flaws, globalization has brought benefits not just for multinationals, but for people in the United States and around the world.”

The Biden administration has argued that international tax proposals will bring more justice to the United States and economies around the world. He says they will do this by ending a system that allows companies to pay less taxes than middle-class workers, and by giving nations more tax revenue that they can spend on infrastructure and other public goods. Mr. Grinberg said it would be in the best interests of companies, arguing that the sense of injustice creates a troubling landscape for global businesses.

“If economic populism, protectionism and anti-immigrant sentiment become the order of the day, can multinational corporations globally succeed?” said.

Much remains to be done by October, when international negotiators hope to complete the deal. Ireland, Estonia and Hungary yet to join the dealand their resistance could prevent the European Union from advancing according to plan.

The Biden administration hopes that Congress will approve proposed changes to the U.S. global minimum tax this year and consider a proposal to allow other countries to tax America’s large multinationals next year after technical work on that plan is complete.

Tax negotiations were Janet L. Yellen’s top priority during her first year as Treasury secretary. Mr. Grinberg is working closely with Rebecca Kysar, another Treasury official, to shape the deal and represent the US in the talks.

In his remarks, Mr. Grinberg said it was important to ensure that the agreement includes a dispute resolution system and a mechanism to ensure it is binding.

“Getting it right will be an important part of summarizing this deal in a multilateral contract,” he said.

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