By Kim Richters
Mercedes-Benz Group AG said Wednesday that it plans to invest more than 2 billion euros ($2.10 billion) in its European sites as it doubles down on luxury vehicles and ramps up production of electric cars in the next years.
The German car maker said management and employee representatives have agreed on a future production setup in Europe, which includes making the site in Sindelfingen, Germany the main plant for producing vehicles for the high-end luxury segment and making models with the electric platform AMG.EA from 2025.
"This step marks a new phase of introducing next-generation electric platforms in production, securing future employment at European locations," the car maker said.
The investment announcement comes after Mercedes-Benz said in May that it plans to increase the sales share for top-end luxury vehicles and confirmed plans to sell fully-electric vehicles only where market conditions allow by 2030.
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(END) Dow Jones Newswires
June 29, 2022 08:44 ET (12:44 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.