Mercedes to be ready for car markets going electric-only with $47-bn push

Daimler AG’s Mercedes-Benz vowed to spend more than 40 billion euros ($47 billion) this decade to electrify its lineup and defend its position as the world’s best-selling luxury-car maker through a historic industry transformation.

The manufacturer plans to launch three new all-electric vehicle platforms in 2025 and set up eight additional battery factories with partners, it said in a strategy update Thursday. Mercedes is betting that the luxury segment will shift faster toward battery-powered products than the mass market because of customers’ greater purchasing power.

“The tipping point is getting closer and we will be ready as markets switch to