Mercedes-Benz's oversized electric car business to invest 2 billion euros in European plants

June 30 (Reuters) - Mercedes-Benz Group said on Wednesday it was preparing a car production network for a new electric portfolio, planning to invest more than 2 billion euros ($2.1 billion) in its European plants .The company is doubling down on luxury cars in the coming years and ramping upEVproduction significantly.

Mercedes-Benz said the step "marks a new phase in the introduction of the next-generation electric platform in production, securing future jobs in European factories."

The German automaker said management and employee representatives had agreed on future production plans in Europe, which included making the German plant in Sindelfingen the main plant for high-endluxury carsand starting production in 2025 based on the Models of the electric platform AMG.EA.

The investment announcement comes after Mercedes-Benz said in May that it planned to increase its share of sales of high-end luxury vehicles and confirmed plans to sell pure electric vehicles by 2030 only when market conditions permit.

Jörg Burzer, Member of the Management Board, Production and Supply Chain of the Mercedes-Benz Group, said, "Following the successful launch of the Mercedes-EQ model in recent months, we are taking the next step: an overview of our future production setup. Plan. Together with our employee representatives, we consistently implement Mercedes-Benz's "Electricity" strategy.