Mercedes-Benz plans to spend more than $47 billion to go all-electric by the end of the decade.
The German luxury automaker will electrify all segments of its business come 2022, with all-electric alternatives available for every model by 2025.
Integrating EV will likely impact Mercedes’ motorsports division, where it is experiencing a huge amount of success with two drivers currently in the top five of Formula 1, Lewis Hamilton and Valtteri Bottas.
“We will be ready as markets switch to electric-only,” said Mercedes-Benz CEO Ola Kallenius. “The tipping point is getting closer.”
Mercedes-Benz is far from the only automaker making the pivot. A number of its competitors — on racetracks and in consumer showrooms — are investing heavily in EV.
- McLaren will stop developing petrol engines by 2030 and in Q1 2021 completed a $261 million strategic investment in McLaren Racing to fully fund its teams through 2023.
- Ferrari confirmed in April that its first all-electric vehicle will debut in 2025. The iconic automaker is the latest to integrate the LMH classification of sportscar racing.
Formula E, the single-seater series that only allows electric cars, has seen its live race viewership grow by 125% in key markets like France, Germany, and Italy. Mercedes made its debut with the series in 2019.
