Mercedes-Benz accelerating electric shift with $47bn push


Source: gulf-times.com gulf-times.com

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Bloomberg/Frankfurt Daimler AG’s Mercedes-Benz vowed to spend more than €40bn ($47bn) this decade to electrify its lineup and defend its position as the world’s leading luxury-car maker through a historic industry transformation. Mercedes plans to launch three new all-electric vehicle platforms in 2025 and set up eight battery factories with partners, the company said in a strategy update yesterday. Mercedes is betting the luxury segment will shift faster toward battery cars than the mass market because of customers’ greater purchasing power. “The tipping point is getting closer and we will be ready as markets switch to electric-only by the end...