Doubling down on EVs will require nearly $11 billion USD in development funds.

Daimler is preparing to double down on its electric vehicle strategy, promising a slew of new models in the next five years.

Speaking at an annual shareholder meeting, Daimler CEO Dieter Zetsche suggested the company will spend €10 billion (~$10.8 billion USD) to launch more than 10 new electric cars in series by 2022. The company previously expected to hit the target in 2025.

Internal combustion engines will continue to play a critical role during the transition to fully electric cars. With eight plug-in hybrids on the market already, Mercedes-Benz will soon offer a new S-Class PHEV that can drive for up to 31 miles on battery power alone.

The company believes current battery technology is well suited to heavy-duty trucks, prompting production plans for the Urban eTruck concept.

"We believe in the simple principle: Alternative drive systems must be attractive drive systems," Zetsche said.