Daimler to invest $47 bn to develop electric vehicles

daimler-e-vehicle

Mercedes-Benz maker Daimler said it would invest $47 billion between 2022 and 2030 to develop battery electric vehicles (EVs).

Daimler’s all new vehicle platforms would only make electric cars from 2025, Reuters reported.

The German luxury carmaker said it would build eight new battery plants as it ramps up EV production and would be ready to be fully electric by 2030.

Geely-owned Volvo Cars has committed to going all electric by 2030. General Motors (GM) says it aspires to be fully electric by 2035.

“We need to move the debate away from when you build the last combustion engine because it’s not relevant,” Chief Executive Ola Kallenius told Reuters. “The question is how quickly can you scale up to being close to 100 percent electric and that’s what we’re focusing on.”

Daimler said that the company expects electric and hybrid electric cars to make up 50 percent of sales as of 2025, earlier than its previous forecast that this would happen by 2030.

The carmaker will unveil three electric platforms – one for passenger cars, one for vans and one for high-performance vehicles – in 2025.

Daimler is also acquiring British firm YASA to help it develop high-performance electric motors.