Daimler declares large new investments in EVs, plus a fund to guard staff

German auto big Daimler has introduced a brand new plan to speculate €70 billion ($85 billion) in “analysis and growth and in property, plant and gear” between 2021 and 2025, the lion’s share of which might be used “to speed up the transformation in the direction of electrification and digitization.”

Most of this funding might be at Mercedes-Benz Automobiles, however some will used for Daimler Vans to speed up its plans for emissions-free transportation. Daimler additionally plans to arrange a “transformation fund” designed to safeguard employment throughout the transition to EVs.

“With the Supervisory Board’s confidence in our strategic course, we will make investments greater than €70 billion over the following 5 years,” stated Daimler Chairman of the Board Ola Källenius. “We wish to push forward quicker particularly with electrification and digitization. As well as, we now have agreed with the Works Council [a group that represents employees] on a metamorphosis fund.”

“After controversial discussions in latest weeks, we now have achieved that, along with the Daimler funding plan, a metamorphosis fund of €1 billion is to be established,” stated Michael Brecht, Chairman of Daimler’s Basic Works Council. “On this means, we will mitigate the disruption of the transformation and ship an essential sign to our colleagues. The extra funding offers us extra alternatives to implement new applied sciences and merchandise in our crops, thus defending jobs and know-how.”

Supply: Daimler through Electrek