Mercedes-Benz Hits Accelerator in E-Car Race With Tesla, Plans to Invest Over EUR 40 Billion by 2030

 Mercedes-Benz Hits Accelerator in E-Car Race With Tesla, Plans to Invest Over EUR 40 Billion by 2030

Mercedes-Benz maker Daimler added that from 2025, all new vehicle platforms will only make electric vehicles.

Photo Credit: Reuters

Mercedes-Benz maker Daimler is planning to build eight battery plants to ramp up EV production

HIGHLIGHTS

• Mercedes-Benz maker Daimler is planning to enter all-electric car market
• The shift would have a direct impact on jobs
• Daimler competitor Volvo Cars is also set to go all electric by 2030

Mercedes-Benz maker Daimler plans to invest more than EUR 40 billion ($47 billion or roughly Rs. 3,50,442 crores) by 2030 to be ready to take on Tesla in an all-electric car market, but warned the shift in technology would lead to job cuts.

Outlining its strategy for an electric future, the inventor of the modern motor car said on Thursday it would, with partners, build eight battery plants as it ramps up electric vehicle (EV) production.

From 2025, all new vehicle platforms will only make EVs, the German luxury automaker added.