Daimler to invest $11 billion for development of electric vehicle

Daimler to invest $11 billion for development of electric vehicle

The dieselgate scandal by Volkswagen has resulted in a shifting trend amongst the German manufacturers for working towards the development of electric vehicles in their forthcoming car line-up.

The latest entrant to this fray for electrification is Daimler, the parent company of Mercedes-Benz, who have revealed that they will invest up to $11 billion (approx. Rs 7000 crore) into the development of electric vehicles.

Daimler plans to have 25 per cent of its production to comprise of electric vehicles by the year 2025. The investment will go into development 10 electric models, three of which will be under Smart brand and will feature a higher range of around 700 kilometres, courtesy of larger batteries.

The new electric cars will be under Mercedes-Benz’s new electric sub-brand Generation EQ, which was showcased at this year’s Paris motor show.  The electric cars from the German manufacturer will include different body style sharing same modular electric platform. There will be a luxury SUV, followed by two electric sedans and a smaller crossover as well.