Daimler To Invest 10 Billion Euros For Development Of Electric Vehicles

In September, a person acquainted with Daimler's strategy said that the German carmaker intends to launch at least six electric car models as part of its push to compete with Tesla and Volkswagen's Audi. To that end, Mercedes-Benz announced its all-electric division, EQ, at the 2016 Paris Motor Show. The first EQ battery-electric car is scheduled to go on sale by 2020.

Weber said three of the 10 aforementioned models will be Smart branded cars, which will offer an increased cruising range of up to 700 kilometres.

There was a time when electric cars were snubbed for their high cost and limited operating range. However, the segment has recently observed large-scale investments from carmakers and suppliers alike. With these vehicles now being quickly embraced by companies across the world, we have the advancement in battery technology to thank for it. The kickback against diesel engines following Volkswagen's emissions cheating scandal has also contributed to the cause of these vehicles.