U.S. markets close in 4 hours
  • S&P 500

    +15.20 (+0.40%)
  • Dow 30

    +426.42 (+1.35%)
  • Nasdaq

    -107.25 (-0.83%)
  • Russell 2000

    +22.58 (+1.03%)
  • Crude Oil

    -0.80 (-1.21%)
  • Gold

    -22.50 (-1.32%)
  • Silver

    -0.10 (-0.38%)

    -0.0072 (-0.60%)
  • 10-Yr Bond

    +0.0450 (+2.90%)

    -0.0020 (-0.15%)

    +0.5320 (+0.49%)

    +166.55 (+0.33%)
  • CMC Crypto 200

    +0.67 (+0.06%)
  • FTSE 100

    +88.61 (+1.34%)
  • Nikkei 225

    -121.07 (-0.42%)

Mercedes-Benz Unveils Entry-Level EQA Electric SUV: What You Need to Know

  • Oops!
    Something went wrong.
    Please try again later.
Shanthi Rexaline
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.

Mercedes-Benz, the luxury brand owned by Daimler ADR (OTC: DMLRY), launched Wednesday an all-electric SUV, the EQA, in a bid to meet the regulatory target of having a proportion of emission-free vehicles in its portfolio and also to take on the competitive threat posed by EV leader Tesla Inc (NASDAQ: TSLA).

What Happened: EQA is the new entry model of the Mercedes EQ family, Marius Philipp, the product manager for the EQA at Mercedes, said in the launch video.

It is positioned as a car that meets the demand for urban mobility. The EQA 250 model premiered offers over a range of 420km, according to WLTP.

It would come with a 66.5 kilowatt-hour battery pack, with the list price at 39,950 euros ($48,400).

The company is also planning a variant with over 500km in range in the future.

The EQA is based on the company's GLA class of SUVs.

Related Link: Nio's Li: New ET7 Takes Aim At BMW, Mercedes-Benz, Audi And Maybe Even Apple, But Not Tesla

The EQA 250 model has an output of 140 kWh and has a combined consumption of 15.7 kW/100km, and combined carbon dioxide emissions of 0g/km. Further power levels of more than 100 kWh as well as a variant with all-wheel drive are expected to follow.

The vehicle allows for preconditioning thermal management before starting via Mercedes-Benz user experience or the Mercedes me app.

The compact SUV, which is built in Rastatt in Germany and Beijing in China, will be made available at European Mercedes-Benz dealerships in the spring. 

Click here to check out Benzinga's EV Hub for the latest electric vehicle news.

Why It's Important: Europe has been pushing for a ban of fossil fuel vehicles, with some markets in the region targeting a deadline of 2030.

Some markest like Norway have witnessed a higher proportion of green energy vehicle sales to total vehicles relative to markets elsewhere. In December, 50% of the cars sold in Norway were EVs.

This explains the traditional automakers' push toward EVs.

Tesla, meanwhile, has a head start in EV sales by virtue of it being the pioneer, and its mass market vehicle Model 3 is the best-selling EV in the world.

Related Link: Chasing Tesla, Major Tech Companies Team With Automakers To Enter EV Space

Photo courtesy of Mercedes-Benz. 

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.