Mercedes-Benz plans to invest 40 billion euros to take on Tesla

The luxury automobile company plans to make only EVs on all its new platforms from 2025.

Daimler, the parent company of Mercedes-Benz will invest 40 billion euros by 2030 to compete in the all-electric car market. The company will build eight battery plants to increase the production of electric vehicles (EV).

Daimler also announced that the company will be renamed to Mercedes-Benz by spinning off its truck manufacturing division later this year.