On Sunday, at the IAAA Mobility auto show in Munich, Mercedes-Benz introduced a new electric-sedan concept vehicle. Branded as CLA Class, the concept vehicle has a range of more than 466 miles, based on global industry standards. This is competitive and is superior to Tesla's Model 3 long range version, which has a range of 391 miles on the same measure.
The CLA Class is "close-to-production", which is expected to commence next year. It will be the first of a new line of all-electric entry-level vehicles, including two new SUVs.
Over the past year, Mercedes-Benz experienced a significant surge in the sales of battery electric vehicles, marking an impressive increase to 117,800 units. This figure now accounts for nearly 6% of their total vehicle sales to retail customers.
Despite this growth, Mercedes-Benz remains a relatively minor contender when compared to Tesla, which achieved over 1.3 million deliveries in 2022. Nonetheless, Mercedes-Benz has set ambitious targets for the future, with a goal of having electric vehicles make up 50% of their sales by 2025 and ultimately transitioning to a fully electric lineup by 2030.
In yesterday's trading session, Mercedes-Benz stock was up 1.2% in value. Tesla shares were not actively trading due to the Labour Day public holiday.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.