Hemmels, a Cardiff, Wales-based company that rebuilds Mercedes-Benz SLs, will soon offer an electric drivetrain for the W113 “Pagoda” models to the tune of half a million dollars through a new partnership.
The W113 SL is a glamorous two-seat roadster, which replaced the 190SL. It was introduced as the 230 SL at the 1963 Geneva Motor Show, then was gradually replaced by larger-engine models until the end of the line in 1971. The model was quite popular in the U.S., where nearly 20,000 were sold.
“We were on a route to develop a battery powertrain in-house at Hemmels, and we began to realise what a complex undertaking it is, given international regulations. That’s when we discovered that Everrati had already engineered a solution,” says CEO Tom Butterfield.
The result is a collaboration between Hemmels and Everatti—which restores and electrifies classic “icons” from Porsche, Mercedes, and Land Rover from its base in Bicester, Oxfordshire. Hemmels will restore the cars and Everrati will install electric powertrains. The partnership will be officially announced on Friday, and SLs from both companies will be shown at the upcoming Pebble Beach Concours d’Elegance during Monterey Car Week (Aug. 9-18). The first jointly produced car should be available to customers in November or December. Ordering a car and taking delivery will take eight to 10 months.
The price for a full Hemmels build, with the Everrati electric drivetrain, is £400,000 (US$513,000), excluding the donor vehicle that the company can locate for customers. The cars will be offered internationally.
The SLs will have 68-kilowatt-hour batteries, distributed to help maintain the car’s ideal front-rear balance.

“The bulk of the weight will be where the original engine and gearbox were located, and there will also be batteries in place of the fuel tank and a small pack in the boot [trunk] occupying about the space of the spare tire,” says Justin Lunny, Everrati’s founder and CEO. As battery technology evolves, Lunny says, it should be able to get a more powerful pack into the same locations, and upgrades can occur.
Another British company Helix, a Lotus supplier, will provide a power-dense but compact 300-horsepower motor that together with the battery pack should yield a range of 200 miles and a zero-to-60 miles per hour time of under seven seconds. The cars will use a limited slip differential for good grip, and will be equipped for regenerative braking—recapturing energy and allowing “one pedal” driving. “The end result is a very usable driving experience,” Lunny says.
“Our process in rebuilding the cars is very in-depth, and it’s what makes us stand out,” says Butterfield, whose family bought Hemmels in 2018. “We use brand-new and upgraded parts—we don’t restore what’s there unless we absolutely have to go that route.” The restoration process can take 4,000 worker hours, and bespoke buyers have wide latitude in colours, interior materials, and a choice of options. High-end audio and Bluetooth are available.
The cars will have already been rebuilt by Hemmels by the time they take their 130-mile journey to Everrati, where the drivetrains are—very carefully—installed.

Lunny says that the SLs will not be cut up or altered during the drivetrain installation. “We don’t damage the structure of the vehicle,” he says, “and everything is technically reversible. We retain the value of the original vehicle. The owners can keep the original internal-combustion engine, ensuring that it’s still with the car.” Butterfield adds that one of his clients is turning his engine into the base “for a glass table that will be installed in his man cave.”
Lunny describes the SLs as “art pieces that happen to have wheels. We love them like our babies, and everything we do is to a replicable standard, on par with what an [original equipment] manufacturer would do.”
The W113 SLs may be more than 50 years old, but their styling—and appeal across generations—remains timeless.
“It’s not just a certain age or demographic,” Lunny says. “The new audience is the ultra-high-net-worth individuals who adore beautiful iconic cars, especially the Pagoda, but want a clean-air powertrain, with modern air conditioning, that is enjoyable to drive.”
Butterfield intends to keep production relatively low, producing perhaps 10 to 12 electric Pagodas annually. “To stretch to 25 cars per year would risk the quality of our builds,” he says. Some 60% to 70% of Hemmels’ output has gone to U.S. buyers, and that’s one reason the Monterey appearance—the company’s first—is important to the brand.
Hemmels also works its magic on the earlier 190SL, and electric conversions of those models, through the partnership, are possible in the future, Butterfield says.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
Apple’s growth engine is showing signs of slowing, as rising costs, weaker services growth and AI competition challenge its profitability. With John Ternus taking the helm, the pressure is on to reignite innovation and sustain investor confidence.
The Apple growth and profit machine is wavering, and the boost from price increases might not be enough to keep it going at historic rates. That dials up the pressure on Apple’s new chief executive, John Ternus.
The company saved the bad news for its earnings call, an hour after it posted its results for the September quarter, projecting that for the current quarter its high-margin services business will continue to slow and that its widely watched gross profit margin will continue to fall.
Apple AAPL -1.83%decrease; down pointing triangle shares had been flat in post-close trading but declined as much as 4% after the company made the projections, which fell short of Wall Street estimates.
The impact of high memory costs are weighing even more heavily on the company, Ternus and Apple Chief Financial Officer Kevan Parekh said on the company’s earnings call. Apple has stockpiled cheaper components purchased earlier, but those inventories are dwindling.
When Ternus took over as Apple’s third chief executive of the past 29 years on Sept. 1, he inherited sky-high expectations. The men he followed were among the most successful company leaders in American business history. Steve Jobs revolutionized consumer devices multiple times. Tim Cook expanded Jobs’s creation to spectacular heights.
The expectations are reflected in Apple’s huge valuation. Oppenheimer analyst Martin Yang noted that Apple stock trades at 36 times next year’s expected earnings, a premium to the overall market, even though its earnings are only expected to grow 1%, which is slower than its tech peers.
“We see insufficient upside to justify the premium,” Yang wrote in an investor note, adding that Apple needs to boost iPhone sales growth and turn around its slowing services business to make him more bullish.
Investors have bid up Apple shares because it has been a port in the AI storm—a reliable and capital-efficient business that stands apart from rivals which are spending hundreds of billions of dollars racing to the AI frontier.
While others invest in data centers, Apple has been pouring its own cash into buybacks and dividends. But that safety may be challenged if Ternus can’t speed up Apple’s innovation engine.
Apple’s lagging performance in AI was evident when its new “Siri AI” chatbot arrived this past quarter. Its long-maligned assistant was already stale the day it arrived, surpassed by agents such as Instinct and Muse that can complete multistep tasks for consumers, while Siri still sets kitchen timers.
Apple needs to give people reasons to buy its devices as they get more expensive. The company raised prices across the board last quarter to help offset higher costs. Without compelling new features, a big question is whether consumers will slow the frequency of iPhone upgrades.
The new iPhone Duo appears to be a bright spot. Consumers are scooping up the $1,999 foldable smartphone despite mixed reviews—so many that Apple can’t keep up with demand. Shipping dates jumped out to January soon after the device went on sale, a disappointment for the normally reliable Apple supply chain.
Apple said its revenue grew 12% in the September quarter, slightly ahead of Wall Street’s expectations. Its widely tracked gross profit margin, at 47.9%, also came in just ahead of analyst estimates.
Apple will need to find new growth avenues because a reliable engine during the Cook era—the services business—is slowing. Courts and regulators worldwide have limited Apple’s ability to charge developers big fees to distribute apps through its App Store, the biggest component of the company’s services segment.
One of its most lucrative App Store fee generators has been the ChatGPT app from OpenAI. Around the time Apple accused OpenAI of trade-secret theft this past summer, OpenAI began redirecting potential subscribers to pay via its website instead of the App Store, skirting Apple’s tollbooth.
Apple’s valuation has bumped up against a ceiling in recent weeks. Six times it traded above a $5 trillion market capitalization intraday before finally closing above the threshold, which it has already fallen back below.
News Corp, owner of The Wall Street Journal, has a commercial agreement to supply news through Apple services.

