Daimler's Mercedes-Benz Speeds Up All-Electric Plans
22 July 2021 - 9:58PM
Dow Jones News
By Kim Richters
Daimler AG's flagship Mercedes-Benz brand on Thursday unveiled
steps to accelerate its transition to all-electric vehicles,
announcing plans to build battery-cell factories and saying it
would be ready to go fully electric by 2030, where market
conditions allow.
Mercedes-Benz said it would significantly step up its research
and development, investing more than 40 billion euros ($47.18
billion) in battery-electric vehicles between 2022 and 2030. It
said all newly launched architectures would be electric-only from
2025 onward.
The car maker would need battery capacity of more than 200
gigawatt hours and it wants to set up eight factories for producing
battery cells together with partners worldwide. These factories are
in addition to an already planned network of nine plants dedicated
to building battery systems, it said.
In order to insource electric-drive technology, Mercedes-Benz
said it would buy U.K.-based electric motor company YASA.
"The EV shift is picking up speed--especially in the luxury
segment, where Mercedes-Benz belongs. The tipping point is getting
closer and we will be ready as markets switch to electric-only by
the end of this decade," Daimler's Chief Executive Officer Ola
Kallenius said.
Mercedes-Benz said it continued to back margin targets outlined
in fall 2020.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 22, 2021 07:49 ET (11:49 GMT)
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