German luxury is going electric.
The segment's heavyweights — Mercedes-Benz, BMW and Audi — will roll out a conga line of next-generation electric vehicles in the U.S. starting next year.
The Germans join the broader industry in a wholesale pivot to EVs as they chase stringent — and expensive — emission-reduction targets in Europe and China. But Mercedes-Benz parent Daimler last month indicated it is speeding up its transition to zero emissions. The company plans to invest more than $47 billion between 2022 and 2030 to develop full-electric vehicles. Next year, Mercedes will bring up to three battery-electric utility vehicles and an electric midsize sedan to its U.S. stores.