Mercedes, Tesla Struggle With Brutal EV Market as Demand Wanes

Mercedes CFO says the EV market is "brutal" due to price wars and high interest rates making the business unsustainable.

Mercedes reported lower profits and revenues in Q3, citing intense EV price competition.

Tesla also disappointed in Q3 results, tanking Elon Musk's net worth.

Ford and GM are slowing EV production plans amid waning demand and ongoing autoworker strikes.

Toyota's chairman says the rough reality in the EV market validates his belief there are many paths to carbon neutrality besides just EVs.