Daimler To Invest $11 Billion Into EV Development

As Daimler looks towards the future of the industry, it has revealed that it will invest up to 10 billion euros ($11 billion) into the development of electric vehicles.

At September’s Paris Auto Show, the German company unveiled its Mercedes-Benz Generation EQ concept, providing a look at the first member of its upcoming range of EVs. Now, while speaking with German publication Stuttgarter Zeitung, company research and development head, Thomas Weber, described just how dedicated to EVs Mercedes will become.

“By 2025 we want to develop 10 electric cars based on the same architecture,” he said. “For this push we want to invest up to 10 billion euros.”

Weber asserted that three of the 10 models will be Smart models with ranges of up to 700 km (434 miles) on a single charge, reports Reuters.

The new architecture being developed by Mercedes-Benz will be used exclusively in its EQ brand and in 2019, should make its road-going debut with a production-spec version of the Generation EQ, giving the brand a rival to the Tesla Model X and upcoming Audi e-Tron Quattro.

Of course, Mercedes isn’t alone with ambitious EV plans. Also at the Paris Auto Show, Volkswagen detailed its future family of EVs, starting with the I.D. Concept, set to become a production reality in 2020.