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Business

DaimlerChrysler to Invest Billions in Germany

DaimlerChrysler Chairman Jürgen Schrempp said Monday that the German-American carmaker will invest €6 billion ($7.25 billion) over the next three years in production plants in the German state of Baden-Württemberg. Speaking at the centenary celebrations of the engine works at Stuttgart-Untertürkheim, Schrempp stressed that despite DaimlerChrysler's international strategy, local production bases would continue to be strengthened. "Every fifth job in Baden-Württemberg is linked with DaimlerChrysler," Schrempp said and added that with 105,000 employees, the carmaker was the largest employer in Germany. The Stuttgart-Untertürkheim works alone produce around 2.35 million motors and axle gears and 1.9 million engines every year with the help of 21,000 employees.