Daimler will cut fixed costs, capital expenditure research and development costs more than 20% by 2025 compared with 2019 levels as part of a strategy overhaul to reposition Mercedes-Benz more upmarket as a luxury brand.
The company’s ambition is to achieve a double-digit return on sales margin by doubling sales of Maybach branded cars, and ramping up sales of AMG and G-Wagon derivatives of the Mercedes brand, Daimler said.
Leasing company Arval is changing its business model to introduce 25% electric vehicles in its 2M strong fleet over five years.
It will also widen its scope to a car club type operation, introduce e-scooters and car sharing.
AMTE Power is leading Innovate UK’s £5.4 million three year project to develop cutting-edge battery manufacturing.
Project Quantum aims to place the UK at the forefront of scalable battery production – a market forecast to be worth $5 billion in five years’ time.