Mercedes is partnering with its F1 team to build more efficient electric vehicles faster.
👉 Background: Mercedez Benz as the luxury car brand that started back in Germany in 1926. It's a big deal globally - in fact, it's ranked as the 8th most valuable brand in the world, according to Interbrand.
👉 What happened: Despite being a leader in combustion-engine technology, Mercedes has lagged behind Tesla in the electric vehicle market. So now, Mercedes is partnering with its F1 team to build more efficient electric vehicles... faster.
👉 What else: This partnership has allowed Mercedes to drastically cut development times by a quarter or more... We’re talking new vehicle development time having dropped from an average of 58 months to mass production to "the low 40s".
💡In the world of car manufacturing, time is money. The faster a company can develop and produce a new model, the better their chances of staying competitive in the market.
💡For example, Chinese EV makers have managed to cut development time to an average of 2.5 years aka 30 months. So by using Formula One technology and expertise, Mercedes-Benz has reduced its new vehicle development time to the low 40 months.
💡This move significantly improves Mercedes-Benz's speed to market and significantly increases their chances of competing head-on with the leading EV makers in the world.
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