Mercedes-Benz Hastens Electric Vehicle Development; Company Plans to Release 10 New EV Models by 2022

Mar 30, 2017 05:30 AM EDT | Yen Palec

With the current surge of demands for electric cars, conventional makers and tech companies are all throwing their hat into the fray in order to carve a piece of the market. Recently, reports revealed that Mercedes-Benz is planning to double its own lineup of electric vehicles with a target of introducing 10 new EV models within the next five years.

In a statement acquired by The Drive, Daimler chairman Dieter Zetsche said, "Further fundamental changes will be required also for Daimler to remain successful. With a far-reaching transformation, we want to shape the profound transformation of the automotive industry, which is primarily being driven by digitization, from the forefront."

Mercedes' new plan is at least three years earlier than the company's original strategy. It would appear that Mercedes have seen the viability of the electric car market and may have shifted to turn its business as a leader, rather than just follow the standards dictated by the industry.

According to Bloomberg, Mercedes parent company Daimler will invest more than $10 billion into its effort to bring new electric vehicle models into the market. The company believes that this radical change is a fundamental shift in its strategy and will, therefore, require a lot of resources in order to turn it into reality.

Many observers have noticed the dramatic change of tone when it comes to the approach of conventional carmakers towards electric vehicles. While there is still a huge demand for conventional cars, traditional car makers are showing adapting their business strategy towards incorporating electric vehicles.

It is also important to note that in order to reduce worldwide carbon emissions, many international markets are offering a substantial tax cut towards electric vehicles, something that could turn into reduced operating expenses. Moreover, European car makers are also starting to turn their backs on diesel-powered cars in the wake of the emissions scandal that Volkswagen was mired in that have led to billions of dollars in penalties.

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