Move over Tesla, there’s a new player in the electronic car market. That’s right, Mercedes Benz has announced that they will be spending upwards of $1 billion to make it happen. Production will begin in Alabama and the project will be creating over 600 jobs in the areas near the facility.
The move that’s drawing tons of attention in the car market comes at a time where the demand for electronic vehicles is growing at a rapid pace. As America, and the rest of the world become more focused on “going green”, electric cars are a huge factor and talking point for change. The first concept for Mercedes’ car was officially revealed last October, the Mercedes-EQ. Mercedes has also gone on to say that it will have at least one electric car in every vehicle division within the next five years. All these moves seem to line up perfectly with Mercedes’ vision for the near future, as they have been on record predicting that as many as 25% of cars will be fully electric soon.
Who’s the biggest benefactor of these moves? That would be the owner of Mercedes, Daimler (DDAIF). In the past month alone, the automotive company has seen its stock prices rise over $4 with reason left to believe that it will only go up from there. As word of mouth spreads and more people go electric, look for Mercedes sales to skyrocket. It’s only a matter of time before their predictions ring true, Tesla should stay on their toes to make sure Mercedes doesn’t pull the market away.