Mercedes-Benz has pledged $47 billion to develop a fully electric fleet by 2030.

According to a strategy update released on Thursday, the German manufacturer intends to become an entirely electric brand by the end of the decade. To achieve this, the company will invest more than $47 billion (€40 billion) over the next ten years to develop an entirely emissions-free product line as well as clean, green infrastructure to support it.

Mercedes-Benz will introduce three new all-electric vehicle platforms in 2025, for automobiles, vans, and light commercial vehicles. In the same year, it will stop producing internal combustion engine powertrains. Customers will also be able to choose an all-electric option for every model the business produces starting in 2025, according to the company.

The German outfit and its partners also plan to set up eight factories across Europe that will focus on the development and production of battery cells and electric motors. This is in addition to the already planned network of nine plants that will be dedicated to building battery systems.

The marque is currently working with Shell to expand its charging network that currently comprises more than 530,000 AC and DC charging points worldwide. It also plans to streamline the chargers to make them easier for drivers to use.

In a statement, Ola Källenius, CEO of Daimler AG and Mercedes-Benz AG, said, “The EV shift is gathering up speed—especially in the premium market, where Mercedes-Benz belongs.” “We are approaching the tipping point, and we will be ready as markets transition to electric-only by the end of this decade.”

Mercedes did add one stipulation: by 2030, the shift to an all-electric fleet will be dependent on “market conditions.” Of course, considering that new automobiles with internal combustion engines will be virtually banned in the United Kingdom and the European Union in 2030 and 2035, respectively, demand for battery-powered vehicles is only likely to increase. By 2035, some jurisdictions in the US, including California and Massachusetts, will prohibit the manufacture of gas-powered automobiles.

What’s more, several luxury nameplates, including McLaren, Bentley, Audi and Volvo, have already joined the electric revolution and are switching from petrol-guzzling vehicles to those with no tailpipe emissions.

“Thanks to our highly qualified and motivated workforce, I am convinced that we will be successful in this exciting new era,” Källenius added.

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