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Daimler to Invest $1B for U.S. Expansion, Push EV Production
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Daimler AG reported that it will be investing $1 billion to expand its presence in the United States. The investment will be made at its Tuscaloosa, AL plant, slated to produce fully electric sport-utility vehicles, to be known as EQ-branded SUV models, from 2020.
At the time of their unveiling, EQ models will consist of the latest status of automated driving in consent with statutory regulations.
The company aims to electrify the entire portfolio of Mercedes by 2022. The new electric portfolio will offer at least one electrified option across all SUV segments for customers. In parallel to this development, Mercedes-Benz will be involved in the development of plug-in hybrids and the introduction of 48-volt-systems.
Also, a new battery plant near Tuscaloosa will be set up to ensure availability of batteries for future production of Mercedes-Benz vehicles to cater to both local as well as export demands. Completion of the plant setup is likely to create 600 new jobs.
With this investment, Daimler expands foothold in the region and brings in electric vehicle (EV) initiative to the country. The company believes that the plant expansion will help it increase flexibility per the customer demands.
This recent investment announcement by Daimler is part of the global push for EVs. Previously in July, the company had built a battery assembly plant in China.
Some important companies in the auto space are Toyota Motor Corporation (TM - Free Report) , Allison Holdings, Inc. (ALSN - Free Report) and Volkswagen AG .
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
Daimler to Invest $1B for U.S. Expansion, Push EV Production
Daimler AG reported that it will be investing $1 billion to expand its presence in the United States. The investment will be made at its Tuscaloosa, AL plant, slated to produce fully electric sport-utility vehicles, to be known as EQ-branded SUV models, from 2020.
At the time of their unveiling, EQ models will consist of the latest status of automated driving in consent with statutory regulations.
The company aims to electrify the entire portfolio of Mercedes by 2022. The new electric portfolio will offer at least one electrified option across all SUV segments for customers. In parallel to this development, Mercedes-Benz will be involved in the development of plug-in hybrids and the introduction of 48-volt-systems.
Also, a new battery plant near Tuscaloosa will be set up to ensure availability of batteries for future production of Mercedes-Benz vehicles to cater to both local as well as export demands. Completion of the plant setup is likely to create 600 new jobs.
With this investment, Daimler expands foothold in the region and brings in electric vehicle (EV) initiative to the country. The company believes that the plant expansion will help it increase flexibility per the customer demands.
This recent investment announcement by Daimler is part of the global push for EVs. Previously in July, the company had built a battery assembly plant in China.
Some important companies in the auto space are Toyota Motor Corporation (TM - Free Report) , Allison Holdings, Inc. (ALSN - Free Report) and Volkswagen AG .
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>