Daimler is going to invest $11 billion in electric cars

The Daimler Group, owner of Mercedes-Benz and Smart, just announced an investment of 10 Billion of Euros  ($11 Billions) in the electric car market. Just some notion, Tesla’s market cap today is of $29.2 billion.

After the VW diesel fiasco, German firms are investing a lot of money in EV. The new technology makes producing electrics cars profitable today. Something that was unreachable some years ago.

“By 2025, we want to develop 10 electric cars based on the same architecture. For this push, we want to invest up to 10 billion euros, he said, adding three of the models will be Smart branded cars and that thanks to larger batteries, they will be able to increase their cruising range up to 700 kilometers (435 miles).“ Thomas Weber told Stuttgarter Zeitung’s Saturday edition.

Source: Reuters http://www.reuters.com/article/us-daimler-usa-diesel-idUSKBN13K1MG

Loading...

LEAVE A REPLY