Daimler has announced it will pour €70 billion (AU$114B) into accelerated development of electric technologies.
According to electric vehicle (EV) website Electrek, Daimler – parent company of Mercedes-Benz and associated brands – is investing the money over the coming four years, after the company's Supervisory Board approved its budget to 2025.
It's understood the funds will be used to "accelerate the transformation towards electrification and digitization," as the company sets its sights on being a leader of EVs within the industry, and closing the gap to Tesla.
The news comes two weeks after Volkswagen Group bosses told investors the company was spending €73 billion (AU$118B) to retool its factories to support EV production, and days after BMW announced its German factories are being converted to do the same.
It's understood Daimler's work council and the company's board conducted a number of meetings prior to the announcement, which were reported as being "controversial discussions".