Is Daimler Undershooting Its Bet on EVs?

Is Daimler Undershooting Its Bet on EVs?

Last week, German auto giant Daimler AG (NASDAQOTH: DDAIF) announced a notable $1 billion investment in electric vehicle and battery production. Daimler's Mercedes said in a press release that it believed the investment delivered a "clear message" about its commitment to "be on the cutting-edge of electric vehicle development and production."

But Tesla's (NASDAQ: TSLA) co-founder and CEO Elon Musk was disappointed with the commitment. "That's not a lot of money for a giant like Daimler/Mercedes," Musk tweeted over the weekend. "Wish they'd do more. Off by a zero." In other words, Musk thinks Daimler should be investing $10 billion instead.

Image source: Tesla.

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Source: Fool.com