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Mercedes is transitioning to an all-electric fleet by 2030. German automaker Mercedes-Benz has seen its share of the U.S. luxury market slip as customers traded in their V8 sedans and sport utility vehicles for Teslas. Now, the company is following in Tesla's footsteps by building out its own charging network, accelerating its electrified fleet and adding Level 3 autonomous driving technology to its vehicles. Mercedes' goal is simple: Become the "most desirable electric vehicle luxury brand," according to Dimitris Psillakis, president and CEO of Mercedes-Benz North America. Psillakis is helping oversee the company's aggressive push toward EVs. The first Mercedes EV, the futuristic EQS sedan, debuted in October of 2021. Four more models, including three electric SUVs, promptly followed. The EQS SUV and EQE SUV are built at the company's Tuscaloosa, Alabama, plant. Mercedes' brand-new factory in Bibb County supplies the lithium-ion batteries. Mercedes ai...

Treasury Secretary Janet Yellen says rules proposed by her department will help consumers save money on electric vehicles while strengthening U.S. energy and national security WASHINGTON -- Fewer new electric vehicles will qualify for a full $7,500 federal tax credit later this year, and many will get only half that, under rules proposed Friday by the U.S. Treasury Department. The rules, required under last year's Inflation Reduction Act, are likely to slow consumer acceptance of electric vehicles and could delay President Joe Biden's ambitious goal that half of new passenger vehicles sold in the U.S. run on electricity by 2030. The new rules take effect April 18 and are aimed at reducing U.S. dependence on China and other countries for battery supply chains for electric vehicles . Electric vehicles now cost an average of more than $58,000, according to Kelley Blue Book, a price that’s beyond the reach of many U.S. households. The tax credits are designed to bring prices dow...