Automotive giant consolidates operations for ecommerce

NEWS The holding company, named DCX Net after its stock trading symbol, has a start-up capital of $500m. The DCX Net initiative will cover a wide range of business-to-business, business-to-consumer, and business-to-employee schemes, as well as telematics for building intelligent vehicle management systems. Eckhard Cordes, director of corporate development and IT management at Daimler Chrysler, claimed the move would "transform Daimler Chrysler into a fully networked automotive company". He said the company intends to move all its business processes onto the internet, in addition to using the web for sales and marketing opportunities. DCX Net will oversee the management of Daimler Chrysler Venture Capital Funds to invest in start-up ventures relevant to the interests of Daimler Chrysler and the automotive industry. Cordes said that, only a few months ago, investment capital in the fund had increased by $100m.