*By Amanda Weston*
After Mercedes-Benz's unveiling this week of its [first all-electric car](https://www.theverge.com/2018/9/4/17818836/mercedes-benz-eqc-suv-ev-specs-photos), automotive journalist and future Cheddar contributor Tamara Warren said the market is about to get a lot more competitive.
"It's huge news for Mercedes-Benz, and a real signal in this space that we are about to have a lot of options when it comes to the electric category, luxury, and the sweet space with crossover vehicles," Warren said Wednesday in an interview on Cheddar.
The model, dubbed EQC, is an all-wheel drive SUV with a range of more than 200 miles. Dieter Zetsche, the head of Mercedes and chairman of parent company Daimler AG, called it the ["dawn of a new era"](https://www.theverge.com/2018/9/4/17818836/mercedes-benz-eqc-suv-ev-specs-photos).
The announcement Tuesday further weighed on shares of Tesla, whose stock marked a seventh straight day of losses Wednesday. Warren said the electric automaker may certainly have cause to worry about its new competitor, but "that's the nature of the business."
"If there's no competition, where's the market going to go?" she said. "What I think it forces Tesla to do is to continue to push their vehicles and not stall on thinking about new features and products and innovation."
Whether Tesla can find that focus is something Warren says investors should watch.
"Tesla is a really tricky company to follow right now, and you're talking about companies that have sort of infrastructure internally as far as safety and all of the quality that needs to be there coming into this space, not just Mercedes-Benz. But we're also seeing Audi as a player in this field, BMW, and Volvo," Warren said.
"So it's going to get really interesting by spring when we start seeing some of these vehicles."
The EQC is set to begin production in 2019 and go on sale in the U.S. in 2020. Mercedes-Benz has not yet announced what the vehicle will cost.
For full interview [click here](https://cheddar.com/videos/mercedes-benz-unveils-electric-vehicle).
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AND DETROIT-BASED AUTO MAKERS SAY THEY ARE SHUTTING DOWN PLANTS OR SCALING BACK PRODUCTION BECAUSE OF PARTS SHORTAGES.
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Lynn Martin, president of the NYSE Group, explains why investors at the New York Stock Exchange should still feel confident despite the recent Wall Street volatility and discusses the landscape for 2022 when it comes to IPOs and retail investors.
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Black entrepreneurs lead the way in the creation of new businesses, but they often cannot get the necessary funding to get their business off the ground. The Fearless Fund is on a mission to change that, and help Black business owners get venture capital. The fund also offers a unique grant program meant to help entrepreneurs with growth, peer coaching, and more, including grants between $10,000 and $20,000. Arian Simone, Co-Founder and General Partner of Fearless Fund, joins Closing Bell to discuss the Fund's mission, how it helps Black entrepreneurs, and more.
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Sting has sold his catalog of more than 600 songs for $300 million to Universal Music. The deal gives the label the rights to all of his work, including “Every Breath You Take," as well as all future royalties.
Miller Lite is opening the first branded bar in the metaverse, by way of Decentraland, as a way to advertise during the Super Bowl this year without buying an expensive TV commercial slot. Sofia Colucci, global vice president of Miller Family of Brands, joined Cheddar to talk about the new marketing concept. "We have a lot of great partnerships with NFL teams throughout the year but were shut out of advertising during the Super Bowl game, so this pushes us to think creatively and also think of what feels really relevant right now," Colucci said. "There's no question that there's a lot of excitement with the metaverse, and we wanted to participate but in a way that felt right for Miller Lite."
Plans to add affordable housing to a development in Yellow Springs, Ohio, were squashed after comedian Dave Chappelle and other community members spoke out against the project. Chappelle threatened to pull the plug on his local comedy club and restaurant projects if the development had been approved.
