Daimler shares are higher Wednesday, after the company’s subsidiary, Mercedes, unveiled its first, all-electric SUV. The Mercedes Benz EQC has two electric motors and a driving range of over 450 kilometres. The new all-electric model is set to be available to buy in 2019.
By 1230 BST, Daimler shares were 0.37% higher at €54.40. The stock has been moving broadly lower in recent weeks activity.
Global production plan
Unveiling the new Mercedes electric SUV Tuesday, the car manufacturer said it will begin production in its factory in Bremen, Germany in 2019. It will then also roll out local production for its Chinese market during next year too.
“With the EQC – the first fully electric SUV from Mercedes-Benz - we are flipping the switch,” said Dieter Zetsche, Chairman of Daimler AG and CEO of Mercedes-Benz Cars.
“Electric drive is a major component in the mobility of the future. We are therefore investing more than ten billion euros in the expansion of our EQ model portfolio, and more than one billion euros in global battery production,” he added.
The car maker shared comprehensive details of the new electric vehicle and they include:
- The latest in driving assistance systems.
- Extensive crash testing.
- A variety of driving modes.
- Battery produced by the Daimler subsidiary Deutsche Accumotive.
Daimler taking on Tesla?
As details of the new all-electric vehicle from Daimler make their way around the world, there have been some comparisons drawn with Tesla.
However, Tesla has been beset with problems from its factory production line to its cash burn rate. Given Daimler’s existing presence and abilities in the market, plus its €10 billion investment, its unlikely the Mercedes Benz EQC will face the same troubles.
In addition, data published earlier Wednesday by the Society of Motor Manufacturers and Traders (SMMT) showed a rise in sales of hybrid, plug-in hybrid and pure electric cars in the UK during August.
Some one-in-12 vehicles sold in the UK was an electric one and they made up 8% of the overall market.