Mercedes-Benz Bets Big On Wind Amid European Energy Crisis: Report

Mercedes-Benz Group ADR MBGYY is partnering with an energy company to tap wind energy off the Baltic Sea starting in 2027.
The move is believed to ease the automobile manufacturer's energy needs amid a crisis in Europe, Bloomberg reported.
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Last month, Mercedes revealed plans to build a wind farm at its Papenburg test track in northern Germany.
"Those two projects alone, in mid to long term, will cover 40% of our electricity needs," the report quoted CEO Ola Kallenius.
The report also cited an S&P Global Mobility report that warned that European carmakers' output might fall by one million vehicles per quarter starting in late 2022 and continuing into 2023.
A surge in energy costs has weighed on the supply chain, making matters worse for European carmakers already battered by the COVID-19 pandemic.
Mercedes has been stockpiling natural gas products to ensure continued production in the wake of Germany's fuel rationing move.
"I like to believe that we will get over this energy crisis situation in the next couple or three years," said Kallenius.
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Price Action: MBGYY shares closed lower by 1.33% at $13.02 on Friday.
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