German carmaker reveals plans for a $1.05 BILLION electric vehicle charging network

Mercedes-Benz is developing a worldwide electric vehicle charger to take on Tesla.

The German luxury automaker announced the new project at the Consumer Electronics Show, revealing it is spending $1.05 billion to construct a network in North America before expanding to other parts of the globe.

The first network will include 400 charging stations with more than 2,500 high-power plugs are expected to be completed by 2027. 

While Tesla has at least 40,000 Superchargers globally, these technologies are only compatible with its branded vehicles - all electric car brands can use Mercedes models.

Following the North American network completion, Mercedes plans to start construction in Europe and China. 

Depending on market conditions, the entire network will be completed by the end of the decade when the company intends to sell all-electric vehicles.