Mercedes-Benz Group AG’s (DDAIF) prototype EV, Vision EQXX, traveled more than 1,000 kilometers (621 miles) on a single charge, a report published by StreetInsider.com said.
The vehicle traveled from Sindelfingen in Germany to the French commune of Cassis while passing through Switzerland and Italy on the way.
The car was able to complete the trip on a single charge on the back of its aerodynamic profile and lightweight chassis.
The CEO of Mercedes, Ola Kallenius, said, “The technology program behind it (Vision EQXX) marks a milestone in the development of electric vehicles.”
The automaker plans to invest €60 billion over the next four years to become the world’s best-selling luxury carmaker.
Further, it plans to construct eight battery assembly plants and sell EVs by the end of 2030.
Price Target
Based on 13 Buys and two Holds, Mercedes-Benz has a Strong Buy consensus rating. DDAIF’s average price target of $96 implies 41.2% upside potential from current levels. Shares have lost 14.6% over the past six months.
Blogger Opinions
TipRanks data shows that financial blogger opinions are 87% Bullish on Mercedes, compared to the sector average of 68%.
Conclusion
This is a huge positive for Mercedes, as it can now compete with Tesla (NASDAQ: TSLA) for a share of the EV market.
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