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Mercedes Retreats to Gas Guzzlers as EVs Fail to Boost Profit

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Mercedes-Benz Group AG is backing away from ambitious electric-vehicle goals as weakening sales push the luxury-auto maker to its tried-and-true combustion engines for the foreseeable future.

โ€œThe transformation might take longer than expected,โ€ Chief Executive Officer Ola Kรคllenius will tell shareholders at the companyโ€™s annual general meeting on Wednesday, according to prepared remarks.

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