ANOTHER THORN FOR ELON MUSK
Mercedes-Benz, the world’s largest maker of luxury cars, is rolling out its first in a series of battery-powered models, adding to a growing array of high-end brands targeting Tesla Inc. The Mercedes EQC crossover starts production in the first half of next year, part of a plan to develop its EQ electric line, Daimler AG CEO Dieter Zetsche said Tuesday. The company intended to invest 10 billion euros on the electric-car push, but the spending has become “more than that,” he said, without specifying figures. “There is no alternative to betting on electric cars, and we’re going all in,” Zetsche said. The car joins the Porsche Taycan, Audi E-tron and Jaguar I-Pace in putting pressure on Tesla as the carmaker struggles to ramp up the Model 3 and make a profit. Mercedes and other luxury brands are pushing aggressively into electric cars to challenge Tesla after its success in wooing wealthy buyers with the Model S.