German luxury carmaker Daimler said Thursday it was investing 40 billion euros ($47 billion) in a full shift to electric Mercedes-Benz vehicles by the end of the decade.
"Mercedes-Benz will be ready to go all-electric within this decade," the firm said in a presentation, although it did add the caveat "where conditions allow".
The carmaker unveiled an ambitious strategy that would have an electric version of all models by 2025 and a pledge that all new car platforms would be electric-only from that date.
To enable its shift to electric vehicles Daimler said it plans to open eight battery production facilities and planned to use a common battery platform across more than 90 percent of future vehicles.
"The EV shift is picking up speed -- especially in the luxury segment, where Mercedes-Benz belongs," Daimler CEO Ola Kallenius said in a statement.
The company said it is aiming to boost efficiency across the board with the goal of providing a real driving range of over 1,000 km (620 miles) on a single charge.