Mercedes-Benz hits accelerator in e-car race with Tesla

LONDON -Mercedes-Benz maker Daimler plans to invest more than 40 billion euros by 2030 to be ready to take on Tesla in an all-electric car market, but warned the shift in technology would lead to job cuts.

However, Daimler - to be renamed Mercedes-Benz as part of plans to spin off its trucks division later this year - stopped short of giving a hard deadline for ending sales of fossil-fuel cars. Ahead of the EU's announcement, carmakers had announced a series of major investments in EVs. Earlier this month, Stellantis said it would invest more than 30 billion euros by 2025 on electrifying its line-up.At Mercedes-Benz, the shift will see an 80per cent drop in investments into combustion engines and plug-in hybrid technologies between 2019 and 2026, which the group said would have a direct impact on jobs."A transformation of our workforce will involve tough decisions.

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