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September 4, 2018 10:20 pm

Mercedes Unveils First Tesla Rival In $12 Billion Attack

An anonymous reader quotes a report from Bloomberg: Mercedes-Benz, the world's largest maker of luxury cars, is rolling out its first in a series of battery-powered models, adding to a growing array of high-end brands targeting Tesla. The Mercedes EQC crossover starts production in the first half of next year, part of a plan to develop its EQ electric line, Daimler AG Chief Executive Officer Dieter Zetsche told reporters in Stockholm at the car's world premiere. The company intended to invest $12 billion on the electric-car push, but the spending has become "more than that," he said Tuesday, without specifying figures. "There is no alternative to betting on electric cars, and we're going all in," Zetsche said. "It is starting right now." The new EQC -- roughly the size of the brand's popular GLC SUV -- features a range of more than 280 miles and accelerates to 62 mph in as little as 5.1 seconds. The Model X has a range of 237 miles. Daimler doesn't plan to establish a dedicated electric assembly plant and will instead build the vehicles at the same sites as conventional automobiles to be able to better adjust output, Zetsche said, adding that he expects demand to mainly eat into sales of combustion cars rather than lure new customers.

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