Mercedes showcases all-electric SUV in Sweden

AP, SAN FRANCISCO

Thu, Sep 06, 2018 - Page 10

Mercedes-Benz has unveiled an all-electric sports utility vehicle (SUV) that it plans to start producing next year in Germany, the latest to challenge Tesla Inc in the luxury electric car market.

Daimler AG’s luxury brand showed off its EQC 400 4Matic, an all-wheel-drive crossover SUV, at an event outside Stockholm.

It is seen as a rival to Tesla’s Model X, as well as Mercedes’s answer to the all-electric I-Pace SUV that Jaguar Land Rover just released and the electric e-Tron crossover from Audi, which will make its debut later this month in San Francisco.

The EQC would also compete against BMW AG’s upcoming electric iX3 small SUV and Porsche AG’s all-electric Taycan. Most of them start at about US$70,000.

Meanwhile, Tesla’s stock on Tuesday slumped more than 4 percent after a Goldman Sachs analyst David Tamberrino said he expects it to face rising competition while its spending is likely to increase.

Tamberrino sees the stock falling to US$210 in six months. It closed down 4.2 percent on Tuesday at US$288.95, the lowest price since May 31 and marking the longest losing streak since March.

The stock has now lost nearly 24 percent of its value since CEO Elon Musk’s tweet about taking Tesla private early last month.

Additional reporting by Bloomberg