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 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.