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

by Mike Robinson

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© Reuters. FILE PHOTO – The Daimler logo was seen in front of the annual shareholders meeting at Daimler Berlin on April 5, 2018. REUTERS/Hannibal Hanschke

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BERLIN (Reuters) – Daimler (OTC:)’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.

The statement stated that existing plans to decrease capital expenditures by 20% by 2025 from levels in 2019 are still in effect. New spending will be devoted to electrification and digitalisation.

It stated that this strategy included increasing net revenue per vehicle as well as implementing direct sales models. Furthermore, advances in battery technology should reduce the price of electric vehicles.

($1 = 0.8839 euros)

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