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Daimler Supervisory Board Supports Strategy; To Set Up Employees Fund

Daimler AG (DDAIF.PK) said Thursday that its supervisory board has given full support to the company's strategic course, the related business plan for the years 2021 through 2025.

The board confirmed the investment plan for the ongoing transformation towards electrification and digitization.

From 2021 through 2025, the company will invest more than 70 billion euros in research and development and in property, plant and equipment. Most of the investment will be at Mercedes-Benz Cars, Daimler said.

As previously announced, Mercedes-Benz Cars' R&D expenditure and capex will decrease during the period and will be more than 20% lower in 2025 than in 2019.

Daimler noted that the company and the General Works Council have also agreed to set up a transformation fund with a value of 1 billion euros and a term until 2025. The fund will mainly be used to promote the further development of future technologies and to safeguard employment during the transformation at the German sites, the company said.

The details of the fund will be established by the two parties in the first quarter of 2021.

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