Mercedes-Benz Group said Friday its electric vehicle strategy is accelerating, with over 10 all-electric models to be launched this year, Kallanish reports.

At its first annual general meeting under a new corporate structure, the group reasserted its claim to leadership in the automotive luxury segment. Executives said the company’s transformation “continues with a relentless focus on improving financial robustness.”

Among the models under the 2022 BEV portfolio are the EQS SUV, EQE SUV, EQT and eCitan.

“Mercedes-Benz is going fully electric step by step, and its software capability is growing ever stronger. We are expanding our luxury business and continuing to work on our cost efficiency,” says Ola Källenius, chairman of the Board of Management of Mercedes-Benz Group AG. “We are compelled to do this, not least in view of rising raw material prices. In Europe, we need an active raw material strategy because access to raw materials is crucial for electric and digital transformation, and for the competitiveness of the European economy as a whole."

Last year, the group’s EV sales increased 64% year-on-year, while revenue rose 9% and net profit surged 484% to €23.39 billion ($24.61 billion) (excluding the Daimler deconsolidation). Earlier this year, sales of hybrid and electric cars rose 10%, compared to Q1 2021, to 74,000 vehicles.

Despite the “challenging environment,” net profit was up 3% in Q1 2022 to €3.58 billion, with revenue increasing 6% to €34.85 billion.

“Resilience and pricing power are crucial” in such an environment, chairman Bernd Pischetsrieder said during the virtual meeting.

Earlier this year, the company said its Vision EQXX concept car reached over 1,000 kilometres on a single charge.