Mercedes vows to be ready for car markets going electric-only

Daimler AG’s Mercedes-Benz is accelerating its electric-vehicle push to defend its position as the world’s best-selling luxury-car maker through a historic industry transformation.

The shift toward electric vehicles is picking up speed, especially in the luxury segment, Chief Executive Officer Ola Kallenius said in an emailed statement ahead of a strategy update Thursday. "The tipping point is getting closer and we will be ready as markets switch to electric-only,” Kallenius said. Daimler’s EV strategy presentation is scheduled to begin at 1 p.m. Frankfurt time.