Daimler CEO Dieter Zetsche revealed that all the existing Mercedes-Benz models will get their electric versions by 2022. The company is targeting to offer at least 50 hybrid and full-electric variants going to that deadline.

According to Reuters, Zetsche made the announcement during their company’s investor day in Sindelfingen, Germany. He also told the people in attendance that their smart city car brand will be converted into an all-electric lineup.

The report added that since electric cars have lower margin than combustion engine cars, Daimler expects to save a lot following their decision. The company said at their Fit for Leadership 4.0 plan that they are looking to get savings of up to $4.8 billion with the move.

China Shifts to Electric Cars

In a related news from the same source, it seems Daimler is on the right track with their goals as China, the company’s major market, is considering a ban on traditional petrol-engine cars. The announcement caused new-energy auto firms in the giant Asian country to have surge in their shares during the Monday morning trade.

Mercedes-Benz Concept EQ A Arriving at the Frankurt Motor Show

Mercedes is on its way to realizing their 2022 target with the addition of the EQ range in its lineup. After the introduction of the Mercedes-Benz Concept EQ in 2016, the premium brand is gearing for the launch of its Mercedes-Benz Concept EQ A at the IAA in Frankfurt, which is happening two days from now.