Mercedes-Benz devised a new strategy to compete with Tesla's electric cars

Mercedes-Benz maker Daimler plans to invest more than 40 billion euros ($47 billion) by 2030. Let us tell you that this move of the company will give a tough competition to Tesla in the electric car market. However, the company has also warned of a change in technology. Along with this, job cuts will also be seen. Looking at the future of electric vehicles, the company on Thursday said it will build eight battery plants with partners as it helps accelerate electric vehicle (EV) production.

The German luxury automaker said that from 2025 the company's new vehicle platforms will only manufacture electric vehicles. "We really want to go for it and have major, if not all-electric, by the end of the decade," chief executive Ola Kelenius told Reuters, adding that spending on traditional combustion-engine technology would be "CL".

Ola's chief executive Kalinius said that we really want to do this. By the end of the decade, we want to be a leader in the fully electric car market. Along with this, he said that by the year 2025, the expenditure on conventional combustion engine technology will be near zero. However, Daimler is going to rename it Mercedes-Benz as part of plans to wind down its truck division later this year.

Some carmakers such as Geely-owned Volvo Cars are gearing up to go fully electric by 2030, with General Motors saying it could be fully electric by 2035 as all these companies are pushing Tesla. Want to compete which is the leader in the electric car market. The trend of electric cars is increasing rapidly around the world, in view of which automobile companies have now made full preparations.