Mercedes Retreats to Gas Guzzlers as EVs Fail to Boost Profit

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.

“The transformation might take longer than expected,” Chief Executive Officer Ola Källenius will tell shareholders at the company’s annual general meeting on Wednesday, according to prepared remarks.