The EV manufacturer owned by Chinese multinational automaker Geely seeks $1 billion in investment at a valuation of more than $10 billion, according to Reuters.
The automaker’s $1.6 billion investment in its existing vehicle platform will bring more-advanced battery and charging technology to future battery-electric vehicles.
An internal review of a planned $200 million factory puts the brakes on the launch of the German automaker’s next-generation “premium” battery-electric vehicle.
An electric Geländewagen is in the works at Mercedes-Benz, featuring four-motor drive and the ability to perform tank-like turns. It’s slated for U.S. sale in 2024.