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Daimler supervisory board signs off 60 billion euro investment plan for Mercedes-Benz

Stock MarketsDec 02, 2021 12:08PM ET
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2/2 © Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke 2/2

BERLIN (Reuters) - Daimler (OTC:DDAIF)'s supervisory board signed off an investment plan worth over 60 billion euros ($67.88 billion) for Mercedes-Benz Cars & Vans between 2022 and 2026, the company said on Thursday.

The statement, issued a week before the Cars & Vans division splits off from Daimler Truck & Buses on December 10, said that the luxury vehicle maker aims to be at the forefront of electric vehicle production and software following the listing.

Existing plans announced in October of 2020 to reduce capital expenditure by 20% from 2019 levels by 2025 remain in place, the statement said, with new spending focused on electrification, digitalisation and autonomous driving.

Increasing net revenue per vehicle and implementing a direct sales models formed part of this strategy, it said, adding that advances in battery technology and production should help reduce the cost of battery-electric vehicles over time.

($1 = 0.8839 euros)

Daimler supervisory board signs off 60 billion euro investment plan for Mercedes-Benz
 

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