High-end automobile brand Mercedes-Benz will only manufacture electric vehicles starting in 2030, the company said on Thursday.
The brand, part of Daimler Group, will stop investing in combustible engine cars after 2025.
Mercedes-Benz will spend 40 billion euros for the plan. It will also construct eight EV battery factories to secure a production capacity of 200GWh.
The brand will also develop its own EV platform.
According to Reuters, Daimler is expected to build five of the battery factories in Europe and one in the US.
Other car brands have recently unveiled their plan to shift to EVs.
General Motors had said it plans to only manufacture EVs starting in 2035. It will spend US$35 billion in the next five years to foster its EV business.
The company’s joint venture with battery maker LG Energy Solution is building two factories in the US with a combined capacity of 70GWh.
Volvo had said it plans to make only EV models starting in 2030. It is partnering with Swedish battery maker Northvolt to build a 50GWh factory.
Volkswagen had said it half of its new car models starting in 2030 will be EVs.
It is planning to build six battery factories in Europe for a capacity of 240GWh.
Ford had said it plans to spend US$30 billion by 2030 to increase EV sales to 40% of its total. The company is planning to launch over 10 new EV models in China in 2022. Cars sold in Europe from 2030 will only be EVs, the US car brand had said.
Ford had also recently formed a joint venture with SK Innovation called Blue Oval SK to expand its battery production.
Stellantis is planning to spend 41 trillion won in the next five years for its EV transition. It plans to have 70% of its sales from Europe and 40% of its sales from the US comes for EVs in 2030. It is planning to build five battery factories in the US and Europe for an initial capacity of 130GWh. It is aiming for 260GWh by 2030.