July 22, 2021 Vulcan Energy

LONDON, July 22 (Reuters) – Mercedes-Benz maker Daimler (DAIGn.DE) plans to invest more than 40 billion euros ($47 billion) by 2030 to be ready to take on Tesla (TSLA.O) in an all-electric car market, but warned the shift in technology would lead to job cuts.

Outlining its strategy for an electric future, the inventor of the modern motor car said on Thursday it would, with partners, build eight battery plants as it ramps up electric vehicle (EV) production.