FRANKFURT: Daimler AG, in a race to regain top position in luxury cars, has narrowed the gap with its rivals, Audi and BMW, as the sale and profit of its Mercedes-Benz has increased in 3 quarter by further modernising its production facilities.
Daimler AG Chief Financial Officer Bodo Uebber told the media that the company is going to invest a huge amount of 22 billion euro on upgrading its plants, equipment and research & development in 2014 to 2015.
Uebber said Daimler will focus on strengthening its core business rather than making large acquisitions, despite a recent windfall from the sale of a 4 percent stake in Tesla.
Some analysts have questioned the position of Daimler and said whether the group has enough momentum to catch peers.
Mercedes said it will maintain a similar rate of production in the fourth quarter, even as global passenger car sales slow to 3 percent growth this year, down from an earlier forecast of 4-5 percent, as the Ukraine-Russia crisis and emerging markets dampen demand.