The parent company of Mercedes-Benz said Thursday it's speeding up the timetable for switching to electric vehicles. Although it added a caveat about assuming market conditions allow it, Daimler AG announced the luxury brand expects to "be ready to go all electric at the end of the decade," CNBC reports.
The commitments the company made Thursday include:
The automaker's new forecasts expect half of Mercedes sales to be from battery-only or plug-in hybrid cars by 2025; the figure until now was 25%. They accounted for about 10% in the first half of this year.
"This step marks a profound reallocation of capital," Daimler's boss said Thursday. "The tipping point is getting closer, and we will be ready," he said. (The European Union has drafted a plan to effectively end the fossil fuel economy.)
This article originally appeared on Newser: Mercedes Accelerates Shift to Electric