EV major Tesla (NASDAQ: TSLA) could have a new competitor on the block in the form of German automakers Mercedes-Benz (MBGAF) and BMW (BMWYY). These two automakers unveiled the Mercedes-Benz Concept CLA Class and the BMW Vision Neue Klasse, respectively at the IAA auto show in Munich.
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While BMW did not give more details about the range and charging of the Vision Neue Klasse, the company did say that the new technology architecture will improve the charging speed and range of the Neue Klasse models by up to 30% each. BMW expects to start the production of the Neue Klasse in 2025.
When it comes to the Mercedes-Benz Concept CLA Class, the concept car has a range of more than 466 miles, based on global industry standards. This is superior to the long-range version of Tesla’s Model 3 sedan which has a range of 391 miles.
Mercedes-Benz Chairman Ola Kallenius commented, “This new model family is inspired by a generation of car buyers who want that unmistakable Mercedes-Benz feel…They also seek a sustainable choice that is a cut above the rest. This hypermiler [denoting extreme fuel efficiency] is the one-liter car of the electric age.”
The company stated that the car’s battery can be charged in just 15 minutes and the car can be driven 400 kilometers. Mercedes-Benz will also allow third-party apps to be integrated with the vehicle.
It remains to be seen how Tesla will rise to this competition.
Amidst the rising competition to Tesla globally, TSLA stock has performed remarkably well this year, rising by more than 100%.
