Mercedes, BMW accelerate EV efforts to compete with Tesla and the Chinese: Automotive giants Mercedes and BMW are pushing with EV ambitions amid stiff competition from Tesla and China automakers, CNBC reported earlier this week. Mercedes-Benz unveiled its Concept CLA Class — an EV built on new architecture that will promote future battery cars from the German auto player — during the IAA Mobility motor show in Munich. The concept car has a range of 750 km and an ability to reach a 400 km range within just 15 minutes of charging. Rival BMW earlier showcased the Vision Neue Klasse — an EV concept that marks a new architecture for the company. The first vehicles under such a platform will begin production in 2025.

REMEMBER- The global EV market continues to be dominated by Tesla and several Chinese automakers. Tesla held 20% of the global EV market in the second quarter of the year, with Chinese BYD holding 15%, CNBC noted, citing data from Counterpoint Research.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • South Korea has big hydrogen plans for Canada: SK ecoplant — the renewable unit of South Korean conglomerate SK Group — has secured land for a USD 15 bn green hydrogen project in Canada, slated to be among the world’s largest. (Bloomberg)
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