Mercedes Benz to go all-electric by 2030

In a new update on Thursday, Mercedes Benz maker Daimler AG announced that the Mercedes Benz is planning to go all-electric by 2030. 

“From 2025, all newly launched vehicle architectures will be electric-only.” The company said in an official statement. The company will be investing over €40 billion for the EV switch. 

According to Reuters, the company also said that there will be job cuts due to the shift in technology. The shift will see an 80% drop in investments into combustion engines and plug-in hybrid technologies between 2019 and 2026, which the group said would directly impact jobs. 

EVs have fewer components and so require fewer workers than combustion engine vehicles.

Speaking on the shift Ola Källenius, CEO of Daimler AG and Mercedes-Benz AG said,  “The EV shift is picking up speed – especially in the luxury segment, where Mercedes-Benz belongs. The tipping point is getting closer and we will be ready as markets switch to electric-only by the end of this decade,” 

“This step marks a profound reallocation of capital. By managing this faster transformation while safeguarding our profitability targets, we will ensure the enduring success of Mercedes-Benz.” She further added. 

As part of the shift, the luxury car company is planning to set up eight battery plants to ramp up EV production.