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Mercedes Unveils First Tesla Rival in $12 Billion Attack

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

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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  • (Score: 3, Insightful) by takyon on Sunday September 09 2018, @07:57PM (3 children)

    by takyon (881) <{takyon} {at} {soylentnews.org}> on Sunday September 09 2018, @07:57PM (#732552) Journal

    "Interesting" doesn't pay the bills [cnbc.com]:

    The electric automaker has $9.5 billion in long-term debt as of the end of the June quarter. Credit ratings agency Moody's most recently lowered its outlook on Tesla's situation to negative from stable, citing "significant shortfall" in the Model 3 production rate and a tight financial situation.

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  • (Score: 2) by crafoo on Sunday September 09 2018, @08:12PM (1 child)

    by crafoo (6639) on Sunday September 09 2018, @08:12PM (#732560)

    True. I heard Ford was considering dropping everything but trucks, SUVs, and maybe fleet vehicles.

    • (Score: 2, Interesting) by nitehawk214 on Monday September 10 2018, @03:23PM

      by nitehawk214 (1304) on Monday September 10 2018, @03:23PM (#732776)

      And pony cars.

      --
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  • (Score: 2) by bob_super on Monday September 10 2018, @09:33PM

    by bob_super (1357) on Monday September 10 2018, @09:33PM (#732924)

    > citing "significant shortfall" in the Model 3 production rate

    estimates the August number at 17800, or plainly half of all US plug-in vehicles. [insideevs.com]
    Cleantechnica [cleantechnica.com] places the Model 3 as the highest revenue of any car in the US in August.

    Yes margins are not great, debt is a problem, and Elon needs to step away from Twitter.

    But "significant shortfall" ? That's a really stupid formulation.