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By Hannah Elliott

September 4, 2018 at 5:10 PM UTC

Updated on

September 4, 2018 at 8:48 PM UTC

Today Mercedes-Benz announced a line of electric cars called the Mercedes EQ.

The company had intended to invest €10 billion ($11.5 billion) on the line, but the spending has since increased, Daimler AG Chief Executive Officer Dieter Zetsche said today in Stockholm.