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While a lot of automakers are making their debut in the green electric vehicle space, the aim of Daimler is to snatch a sizeable market share from Tesla that is a market leader.
German multinational automotive company Daimler AG (ETR: DAI) has unveiled its new 2022 Mercedes-Benz EQS electric vehicle, marking its foray into the growing EV industry. As reported by CNBC, the EQS will be a part of the automaker’s large S-Class car family when it arrives in U.S. showrooms in the fall.
The product comes with a futuristic interior design that looks more like a spacecraft than a vehicle. The car has 3 screens across the entire dashboard all below a single 56-inch curved glass surface, as well as a passenger screen not be visible to the driver. Per the report, the model that is set to be introduced into American markets later this year will offer up to 516 horsepower and 611 pound-foot of torque. When fully charged, the car is expected to offer a range of about 478 miles (770 kilometers).
“The EQS is designed to exceed the expectations of even our most discerning customers,” said Mercedes-Benz and Daimler CEO Ola Kaellenius in a 63-page press release for the car. “That’s exactly what a Mercedes has to do to earn the letter ‘S’ in its name. Because we don’t award that letter lightly.”
Daimler was circumspect in keeping the pricing out as it unveiled the new product, but analysts expect the car to start out at $100,000 going by the $94,000 to $160,000 price range of the Benz S-Class models it is built to emulate.
“They started at the top,” Jessica Caldwell, executive director of insights at Edmunds.com. “This is similar to what we’ve seen with some of the other automakers. It’s their most expensive vehicle that is going to come out first.”
Daimler EQS Electric Vehicle to Compete with Tesla, Apple, Others
While a host of automakers are making their debut into the green electric vehicle space, the aim ultimately remains to snatch a sizeable market share from industry leader, Tesla Inc (NASDAQ: TSLA), while creating a new market for their innovative products. Daimler’s entry into the space will see the firm fight a lot of competition not just from the Elon Musk-led Tesla, but also tech giants such as Apple Inc (NASDAQ: AAPL), Alphabet Inc (NASDAQ: GOOGL), and others reportedly making their foray into the industry.
“There will be intense competition,” Kallenius told CNBC’s Annette Weisbach on Thursday when asked if he was concerned about digital companies entering the electric vehicles market. “When an industry goes through transformation, I think it’s natural that new players look at the industry.”
Investors, in general, will be looking to see how Daimler pushes up its valuation as it lags a few hundred billion when compared to Tesla. Despite its impressive performance in vehicle delivery with a number well ahead of Tesla’s, Daimler’s market capitalization has shrunk from 185 billion euros in 1998 to 82.43 billion Euros it is worth today. In comparison, Tesla has seen a growth of over $709 billion per its 0.90% close on Thursday to $738.85 per share.
However, irrespective of the challenges ahead, the Daimler boss noted the company is bound to thrive as it will “look at what the brand stands for and take that into the next technological era.”