Mercedes-Benz has revealed the starting price of the new S580e 4Matic, a plug-in hybrid (PHEV) version of its stately full-size sedan, the S-Class. The new S580e 4Matic starts at $122,550, excluding a destination and delivery charge of $1,150. That makes it a little less expensive than the S580, which begins at $124,000, and pricier than the S500 at $114,500.

It's been a long wait since the S-Class PHEV was unveiled in 2020. The S580e joins the recently launched Maybach S580e - the first Maybach plug-in hybrid - as electrified offerings at the upper echelon of Mercedes sedans.

It is also a perfect middle ground for traditionally conservative luxury car buyers who want a taste of electrification but may not be ready to commit to the fully electric EQS.

Compared with the previous model, the new S580e PHEV has a WLTP-rated all-electric range of 62 miles from its fourth-generation hybrid drive system. That's a very impressive number that's made possible by the large (for a PHEV) 21.5-kWh battery and electric motor, but since EPA ratings tend to be around 11% more conservative, we expect a still-impressive all-electric range of about 55 miles.

Combined with a turbocharged 3.0-liter inline-six engine, the S580e has combined outputs of 503 horsepower and 553 lb-ft of torque, sufficient for a 0-60 mph sprint time of 5.1 seconds. When running on electric power alone, the top speed is 87 mph or the usual limited 155 mph when the six-pot is engaged. However, Mercedes also mentioned an electric drive program with a top speed of 130 mph. Either way, it's fast enough in electric mode to comfortably sail past the legal speed limit.

As standard, the S580e comes with a 9.6-kW on-board charger for use at home or with public charging, while a 60-kW DC charger is optional. With the 60-kW charger, the battery can be recharged from 10% to 80% in 20 minutes.

With this new PHEV, Mercedes has something that its chief rivals from Audi and BMW don't in this segment. Both the A8 and 7 Series only have mild-hybrid powertrains at present, but their batteries and electric motors are too small for all-electric propulsion like the S580e. A new M750e PHEV from BMW is rumored to be on the way, though, and this could make 560 hp - 50 hp up on the Mercedes.

Audi did previously sell an A8 Hybrid, but it had a dismal 18-mile all-electric range, way down on the new Mercedes.

For the rest, the S580e is the same wonderfully luxurious S-Class we've come to know and love. It comes with the standard Airmatic suspension that delivers a smooth ride and admirable agility for such a large car, and customers who prefer to be driven can spend more on luxurious rear seats with a calf massage function.

Mercedes hasn't detailed the full specifications for this model in the USA, but since the S580e costs more than the S500, we can safely assume it'll come equipped with features like heated/ventilated front seats with memory, a 64-color LED ambient lighting system, soft-close doors, and a 12.8-inch OLED central touchscreen interface.

The S580e is available to order now and will start arriving at local dealerships in the first half of 2023.