By Giulia Petroni 
 

Daimler AG on Thursday said its business plan for Mercedes-Benz involving investment for over 60 billion euros ($68 billion) for the 2022-26 period has been approved by its supervisory board.

The German car maker said the plan foresees Mercedes-Benz going fully electric by the end of the decade and focusing on growth opportunities in its passenger car and vans businesses after the spinoff of Daimler Truck.

The approval reinforces the company's commitment to previously released margin targets and supports existing measures to consistently increase efficiency and lower fixed costs, according to Daimler.

The company added that future investments will mainly focus on electric mobility, with standardised battery platforms and scalable vehicle architectures expected to contribute cutting variable costs of vehicles.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 02, 2021 12:01 ET (17:01 GMT)