Auto123.com - Helping you drive happy

Daimler Committing $23 Billion to Secure EV Battery Supply

The past year has poured forth a litany of declarations of commitment to EVs on the part of automakers, from Audi to Volkswagen and many points between. This time it’s Mercedes-Benz’ turn, as the German luxury carmaker has committed a tidy sum of funds to secure a supply of EV batteries for the next dozen years.

By tidy sum, we mean $23 billion USD (20 million Euros, or around $30 million CAD). The investment secures a supply of batteries to meet the company’s needs for its planned expansion into electric powertrains from now until 2030.

As early as 2022, Mercedes-Benz plans to offer 130 electrified variants of its models, including over 10 products running solely on battery power. This total runs the gamut of products made by the automotive company’s various divisions, which together span a much wider range of vehicles than just luxury cars and SUVs

The Stuttgart-based manufacturer is also planning to invest 10 million Euros to develop its range of EVs, plus another billion to assemble batteries in its own facilities. The first of eight battery assembly factories will start production early next year.

Like the Volkswagen Group, Daimler estimates that EVs will account for 25% of its total vehicle sales by 2025.

Back to home page