Mercedes-Benz Maker Daimler Wants to Compete With Tesla in the EV Market
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It’s no secret that Tesla has changed the automotive market. The California car manufacturer put the spotlight on electric vehicles (EVs), and other automakers have started to release their own electric models. Daimler, the parent company of Mercedes-Benz, was late to the EV party, but it’s hoping to capture a slice of the market in upcoming years.
Just a few weeks ago, the German automaker announced that they plan on entering the market in a big way. Here’s what you need to know about Daimler’s commitments to electrification.
EU regulations on gas-powered cars
Daimler is hoping to compete with Tesla for a share of the EV market.
The European Union plans to have 100% emission-free vehicles by 2035, as reported by Reuters. Later this year, Daimler will be renamed Mercedes-Benz. If Daimler wants to continue to sell cars in Germany, it’ll have to convert to electric sooner or later.
Daimler will need to offer EVs with improved car technology and impressive range to stay competitive with rivals like Volvo. Volvo has audacious EV ambitions that other automakers will have to keep up with.
Daimler is up to the challenge, and recently revealed its plans to the public.
Daimler’s four-year plan
Daimler will invest over $47 billion in EVs over the next nine years, according to Reuters. Mercedes-Benz just released its first EV earlier this spring called the EQS. The EQS will compete directly with Tesla’s sedans.
By 2025, Daimler expects 50% of its sales to be from EVs. The company anticipates having a fully electric lineup by 2035, which is aligned with the new EU regulation.
The key to going fully electric
For most European car manufacturers, the key to having a successful EV lineup relies on sourcing batteries. Currently, most EV batteries come from China. However, car companies will need to diversify their battery supply chain.
The turbulent trade relationship between China and the EU can interrupt the flow of EV batteries. That’s why Volvo made a strategic partnership with Northvolt, a Swedish battery maker.
Daimler is adopting a similar strategy with European battery makers. The carmaker, along with its partners, plans to build eight battery plants in the coming years, according to Reuters. Additionally, they’ll have a battery recycling plant in Kippenheim, Germany. The recycling plant is scheduled to be operational by 2023.
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