Mercedes will focus on building cars for wealthier customers and cut a fifth of its costs over the next four years to finance new electric models, the German automaker said, as it seeks to catch up with US rival Tesla.
At a virtual conference for investors on Tuesday, the Daimler subsidiary said it would grow its super-luxury Maybach and G brands, as well as its AMG sports car division, and develop emissions-free versions of vehicles in those ranges.
It also announced the development of a bespoke platform for small and medium-sized battery-powered vehicles, called MMA, which will compete with the architecture on which Volkswagen’s ID. 3 is built.
Daimler already has a similar platform for larger cars, known as EVA.
The premium manufacturer’s shares have staged a strong recovery in recent weeks, returning to pre-coronavirus levels as investors hailed the resilience of demand for premium products and encouraging sales data