German car manufacturer Daimler, the parent company to Mercedes-Benz, is planning to electrify all of their models in the next five years. In order to achieve this goal, they’ll be attempting to save nearly $4.8 million U.S. due to lower profits from electric vehicles. Daimler joins many other car manufacturers that are announcing their transition to the EV market.
Mercedes-Benz was originally slated to have 10 EQ models by 2022, and their goal is for these vehicles to reach anywhere from 15% to 25% of total sales by 2025. “EQ” stands for “Electronic Intelligence,” and it's how their EVs will be branded in the future. With this new announcement, they’ll be offering 50 different hybrid and fully electric editions of their models. By 2020, their Smart brand will no longer be equipped on gas-powered vehicles.
Their first model, labeled as a “Concept EQ,” was first shown off at the Paris Motor Show in 2016. It’s an entry-level SUV that features two electric motors and will have a range of 310 miles when it’s released. Other features include all-wheel drive and two cameras that will display live feed of traffic behind the car instead of having side mirrors. Expected retail price for the vehicle will be around $45,000.