As Mercedes introduces an electric SUV, Tesla's stock slumps

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Interestingly, Mercedes says the two electric motors are configured differently: the arrangement up front is "optimised" for efficiency in the low- to medium-load range, while the rear motor "determines dynamism".

Together the motors generate 765Nm of torque, enough to propel the 2.5-tonne SUV to 60mph in five seconds. The front motor is geared toward range economy, while the rear motor optimizes performance; the EQC is created to rely on the front motor for normal cruising, shifting power continuously in real time based on the terrain, load, and needs of the moment.

Given this is Mercedes' first real electric vehicle, the story is really what is powering the EQC. He added, "Electric drive is a major component in the mobility of the future".

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The company meant to invest 10 billion euros ($12 billion) in its electric-vehicle push but has ended up spending "more than that", he said, without specifying figures. People are comparing the vehicle with its best rivalry match, the Tesla Model X 75D. It is said to compete with Tesla's cars in the market.

LMC Automotive, the rival of IHS Markit, voices the same opinion.

Daimler-owned Mercedes, BMW, and Volkswagen's Audi and Porsche divisions are all looking to break in on Elon Musk's Tesla.

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Zetsche said Tesla would be a competitor to the Germans in the electric cars market as the company had been "very successful in the price bracket they were addressing". Porsche recently announced the name of its Taycan electric performance auto, which will hit the market next year.

Mercedes' first EQ product is also packing some unique features to help mold driving styles in the EQC. The EVs are part of 50 electrified vehicles planned by 2022. Mercedes plans to make its first electric vehicle at its factory in Bremen, where the automaker also makes its best-selling C-Class sedan.

The all-wheel drive SUV comes nearly two years after the concept SUV made its debut at the Paris Motor Show and marks the "dawn of a new era" for the company.

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"The EQC brings design, functionality and service together in a unique way". The black panel grille is "a new look for a new era", Zetsche said at the launch. A similar design element is echoed in the rear. Mercedes analyzed user data in Australia and New Zealand. "Stay tuned for the live stream, September 4, 6:30 p.m (CEST)", reads the message, which was posted about 9 hours ago on Mercedes-Benz's official Facebook page.