Daimler Plan Marks Historic Shift to Electric Vehicles

Mercedes-Benz's corporate parent Daimler (OTC: DMLRY) said today that it will convert engine and transmission factories in Berlin and Stuttgart, Germany, in anticipation of production needs as its transition to electric vehicles (EVs) intensifies. Daimler said German labor unions are involved in the planning, and wrote in an emailed statement about the transition, "Mercedes-Benz is firmly determined to transform its powertrain division consequently and gear it toward 'electric first.'" The labor unions told workers that the plans will result in cuts of approximately 20% to the 18,500-member workforce in Stuttgart by 2025.