July 29, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Mercedes-Benz unveils 40 billion euro plan to go all-electric by 2030

Mercedes-Benz, the world’s largest luxury carmaker is getting ready to go all electric by the end of the decade, where market conditions allow. It is shifting from electric-first to electric-only, as it is accelerating toward an emissions-free and software-driven future, the company announced on Thursday.

To facilitate this shift, Mercedes Benz unveiled a comprehensive plan which entails an investment of over 40 billion Euros into battery electric vehicles between 2022 and 2030.

Mercedes-Benz plans to set up eight Gigafactories and plans to install battery cell capacity of more than 200 Gigawatt hours with its partner. It is planning to forge new partnerships for development and production of battery cells in Europe.

“The EV shift is picking up speed – especially in the luxury segment, where Mercedes-Benz belongs. The tipping point is getting closer and we will be ready as markets switch to electric-only by the end of this decade,” said Ola Källenius, CEO of Daimler AG and Mercedes-Benz AG.

“This step marks a profound reallocation of capital. By managing this faster transformation while safeguarding our profitability targets, we will ensure the enduring success of Mercedes-Benz. Thanks to our highly qualified and motivated workforce, I am convinced that we will be successful in this exciting new era.”

By 2022, Mercedes-Benz will have battery electric vehicles (BEV) in all segments the company serves. From 2025 onwards, all newly launched vehicle architectures will be electric-only and customers will be able to choose an all-electric alternative for every model the company makes. Mercedes-Benz intends to manage this accelerated transformation while sticking to its profitability targets, the company added.

In 2025 Mercedes-Benz will launch three electric-only architectures: MB.EA (EA – electric architecture) will cover all medium to large size passenger cars, establishing a scalable modular system as the electric backbone for the future EV portfolio. The AMG.EA will be a dedicated performance electric vehicle platform addressing technology and performance oriented Mercedes-AMG customers and the VAN.EA ushers in a new era for purpose made electric vans and Light Commercial Vehicles, which will contribute to emission free transportation and cities in the future.

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