Mercedes unveils its first battery-powered model


Mercedes-Benz put Tesla in its sights in September as it introduced its first model of its electric-vehicle line, the EQC crossover, reports Bloomberg.

Mercedes is the latest traditional luxury brand to enter the electric-car race, joining Porsche, Audi and Jaguar to challenge California-based Tesla.

“We are going all in. It’s starting right now,” said Daimler AG CEO Dieter Zetsche.

Daimler, which includes the Mercedes and Smart brands, is making a $12 billion investment in the technology and anticipates offering 10 fully electric cars by 2022. The automaker plans to utilize existing assembly plants for EQC production rather than establishing a dedicated electric facility, Zetsche added.

The EQC, which is roughly the size of the popular GLC line, features a range of 280 miles per charge and accelerates to 62 mph in 5.1 seconds. Production of the vehicle starts in the first half of 2019. (Source: Bloomberg

Articles are chosen for summary in this Market Intelligence blog based on newsworthiness in conjunction with The Infinite Loop themes. Any opinions and views expressed in the articles are generally those of the underlying author from the source listed, are not necessarily current as of the date of this blog, may change as market or other conditions change, and may differ from views expressed by Ivy Investment Management Company and its associates or affiliates. Actual investments or investment decisions made by Ivy Investment Management Company and its affiliates will not necessarily reflect the views expressed in the articles. These articles are distributed for educational purposes only and are not investment advice or a recommendation to purchase, sell or hold any specific security mentioned in the article or to engage in any investment strategy. Investment decisions should always be made based on each investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Securities discussed may not be suitable for all investors.