Daimler secures $23B in battery cells for EV expansion through 2030

The company says it will have 130 electrified variants for Mercedes-Benz by 2022.

Daimler is the latest major automaker to secure long-term supply contracts for batteries, committing 20 billion euros (~$22.6 billion USD) to buy enough cells for its EV onslaught through 2030.

The German automaker plans to offer 130 electrified variants at Mercedes-Benz Cars by 2022, including more than 10 all-electric vehicles. Additional electric vans, buses and trucks will be sold through other group brands.

The company is investing 10 billion euros (~$11.3 billion USD) to expand the Mercedes-Benz electric fleet and another billion euros (~$1.1 billion USD) to build battery modules in-house. The first of eight battery assembly factories will begin series production by early 2019.

Like Volkswagen Group, Daimler expects battery-electric vehicles to account for up to 25 percent of its overall sales volume by 2025.