Mercedes-Benz is set to launch battery-powered vehicles.
The Daimler AG-owned brand will start production of the Mercedes EQC car in the first half of 2019 and it will be the first in its EQ electric line. Daimler AG’s Chief Executive Officer Dieter Zetsche said Tuesday that the company had planned to invest 10 billion euros ($12 billion) in developing electric vehicles, but the spending has exceeded that amount.
Daimler plans to deliver 10 fully electric cars by 2022. Mercedes will spend 1 billion euros on battery production for eight facilities globally. Mercedes’ foray into the electric vehicle market potentially pitches it against Tesla, along with luxury carmakers Porsche, Audi and Jaguar that are also venturing into the space.