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posted by martyb on Sunday September 09 2018, @07:32PM   Printer-friendly
from the shameless-plug...ins? dept.

Mercedes Unveils First Tesla Rival in $12 Billion Attack

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 Inc.

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 model's world premiere. The company intended to invest 10 billion euros ($12 billion) in its electric-vehicle push but has ended up spending "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 car joins the Porsche Taycan, Audi E-tron and Jaguar I-Pace in putting pressure on Tesla as the California-based carmaker struggles to hit Model 3 production targets and earn profits. Mercedes plans to assemble the EQC at its factory in Bremen, where the automaker also makes its best-selling C-Class sedan. Daimler will build the car in China for the local market.


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  • (Score: 4, Informative) by takyon on Sunday September 09 2018, @07:52PM (7 children)

    by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Sunday September 09 2018, @07:52PM (#732551) Journal

    https://en.wikipedia.org/wiki/Daimler_AG [wikipedia.org]

    Revenue €164.330 billion (2017)
    Operating income €14.682 billion (2017)
    Net income €10.864 billion (2017)
    Total assets €255.605 billion (2017)
    Total equity €65.314 billion (2017)

    $12 billion over multiple years is not breaking the bank.

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  • (Score: 2) by JoeMerchant on Sunday September 09 2018, @09:28PM

    by JoeMerchant (3937) on Sunday September 09 2018, @09:28PM (#732589)

    One year's net income is neither a trifle... that's more than most people spend on a car.

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  • (Score: 2) by arslan on Monday September 10 2018, @01:03AM

    by arslan (3462) on Monday September 10 2018, @01:03AM (#732622)

    Do they get tax break for R&D, if they do, that $12B could be a lot less as well.

  • (Score: 0) by Anonymous Coward on Monday September 10 2018, @01:26AM (4 children)

    by Anonymous Coward on Monday September 10 2018, @01:26AM (#732627)

    Euros use period instead comma to mark off three digits, so it's confusing if "164.xxx billion" means 164 billion or 164 trillion.

    Note that the US gdp is double digit trillion dollars, and that's the biggest economy in the world.

    • (Score: 5, Insightful) by takyon on Monday September 10 2018, @07:21AM (2 children)

      by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Monday September 10 2018, @07:21AM (#732685) Journal

      U.S. notation is superior.

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      • (Score: 0, Funny) by Anonymous Coward on Monday September 10 2018, @09:36AM

        by Anonymous Coward on Monday September 10 2018, @09:36AM (#732700)

        U.S. notation is superior.

        No, as demonstrated, it is not.

      • (Score: 2) by Freeman on Monday September 10 2018, @04:56PM

        by Freeman (732) on Monday September 10 2018, @04:56PM (#732814) Journal

        I'd be willing to adopt the metric system for distance measurements, if they'd be willing to adopt US notation.

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    • (Score: 2) by bob_super on Monday September 10 2018, @07:48PM

      by bob_super (1357) on Monday September 10 2018, @07:48PM (#732886)

      Nitpick : EU GDP is the biggest in the world.