Mercedes-Benz Plans to Go All-Electric by End of Decade
Daimler’s flagship auto maker intends to invest over $47 billion in battery electric vehicles by 2030
Mercedes-Benz AG DMLRY 5.20% said it is gearing up to go all-electric by the end of the decade, the latest move by an auto maker to accelerate its transition to plug-in cars.
The Daimler AG flagship said Thursday that it plans to invest more than €40 billion, or more than $47 billion, between 2022 and 2030 in battery electric vehicles to reshape its business around producing electric vehicles. The target signifies a shift from an electric-first to an electric-only approach, the company said.
As part of that plan, the company said all newly launched vehicle platforms will be electric-only from 2025, and customers will be able to pick electric versions for every model the company makes. Combustion-engine vehicles will still be available for purchase as long as there is demand, but Mercedes-Benz isn’t planning to develop new models of fuel-powered vehicles beyond 2030, Daimler said.
The company said eight Mercedes-Benz electric-vehicle models will be made at seven locations on three continents as soon as next year. Mercedes-Benz said it plans to set up eight factories for producing battery cells, as it will need a battery capacity of more than 200 gigawatt hours for the entire vehicle fleet.
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