Mercedes wants to own the future of luxury EVs. Here's its $45 billion plan to do it
Ola Kallenius is betting $45 billion that Mercedes-Benz will own the future of luxury electric cars.
That's how much he's investing to shift all of the brand's powertrains to electric by 2030.
On the one hand, Mercedes, a subsidiary of Daimler AG, has to bet big on EVs. So must every major auto maker as governments around the world — in Europe, the United States, and China — seek to dramatically cut back on the greenhouse gases and other air pollutants that their products have been spewing for more than a century. Elon Musk and Tesla set an example that regulators could point to: it's possible to build electric cars that people want to buy.
On the other hand, as the entire automobile industry undergoes the biggest transformation since its beginnings, Kallenius sees a massive opportunity for the Stuttgart, Germany-based company, which sells 2.4 million cars and vans worldwide, to make an aggressive move.
Since the early 20th century, the brand has been synonymous with sleek design, Kallenius said, gliding into marketing mode. Inside, and Germany's former Chancellor , among others, were fans, he noted.)
