Daimler drives to take advantage of prospects

GENEVA - German automaker Daimler AG sees opportunity in China's 12th Five-Year Plan (2011-2015) and intends to invest 3 billion euros (nearly $4.2 billion) to leap forward in the Chinese auto market.

"We expect China's economic growth to maintain high speed in the coming years, resulting in more people being able to afford cars, especially luxury cars," CEO Dieter Zetsche said.

The investment over five years is Daimler's largest in an overseas market and at least triple what it has put into China so far, the company said. In return, Daimler aims to sell 300,000 cars annually in China by the end of 2015.