Mercedes Accelerates Electric Shift With $47 Billion Push

Daimler AG’s Mercedes-Benz vowed to spend more than 40 billion euros ($47 billion) this decade to electrify its lineup and defend its position as the world’s leading luxury-car maker through a historic industry transformation.

Mercedes plans to launch three new all-electric vehicle platforms in 2025 and set up eight battery factories with partners, the company said in a strategy update Thursday. Mercedes is betting the luxury segment will shift faster toward battery cars than the mass market because of customers’ greater purchasing power.