Daimler AG's Mercedes-Benz says it is stepping up its transition to electric cars, doubling the share of sales planned by 2025 and sketching out a market scenario in which its new car sales would "in essence" be fully electric by the end of the decade.
The shift to electric vehicles "is picking up speed — especially in the luxury segment, where Mercedes-Benz belongs," said Ola Kallenius, CEO of Daimler AG and also head of the Mercedes-Benz division. "The tipping point is getting closer and we will be ready as markets switch to electric-only by the end of this decade."
The company plans to invest $47 billion in battery-driven vehicles between 2022 and 2080. It says it also intends to work with partners on setting up eight factories producing battery cells, the individual components that are assembled into larger battery packs in different vehicles.
