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SAN FRANCISCO (AP) — Mercedes-Benz has unveiled an all-electric SUV that it plans to start producing next year in Germany, the latest to challenge Tesla in the luxury electric car market.

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Daimler AG’s luxury brand showed off its EQC sport utility crossover at an event outside Stockholm. It’s seen as a rival to Tesla’s Model X.

It also comes as Jaguar Land Rover offers the I-Pace electric SUV and Volkswagen’s luxury arm Audi is due later this month to unveil its e-tron in San Francisco.

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Tesla’s stock, meanwhile, slumped more than 4 percent Tuesday after a Goldman Sachs analyst said he expects the company to face rising competition while its spending is likely to increase.

Goldman analyst David Tamberrino sees the stock falling to $210 in six months. It closed Tuesday at $288.95.

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