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takyon writes:

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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