Daimler gigantic investment in electric car batteries



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"Our electric offensive continues to gain momentum," Dieter Zetsche, Daimler's CEO, said in a statement.


Daimler AG ensured the supply of battery cells is worth more than 20,000 million euros ($ 23,000 million)) by 2030, as the Mercedes-Benz manufacturer moves forward on its journey to electric vehicles.

The purchase agreement will help push a broad deployment of about 130 variants of all-electric hybrid cars across the entire line of its major Mercedes-Benz car division by 2022, the German automaker said on Tuesday. German rival Volkswagen AG has announced similar plans earlier this year.

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"Our electric offensive continues to gain momentum," Dieter Zetsche, Daimler's CEO, said in a statement. "After investing billions in developing the electric fleet and expanding our global battery network, we are now taking the next step."

The batteries will power the product lines of models that will challenge the market leader in electric cars Tesla Inc., which will introduce the Model 3 sedan mass market in Europe next year.

Daimler will invest 10 billion euros to expand its line of battery-powered vehicles after the introduction of the Mercedes-Benz EQC crossover in September.

Daimler's battery-producing network will cover eight plants on three continents, and the second plant in Kamenz, Germany, will begin production early next year.

The world's largest luxury carmaker has reiterated that it expects electric-powered cars to account for up to 25 percent of global deliveries by 2025, depending on customer demand and the availability of cargo infrastructure.

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