U.S. Drive to Relocate Mercedes-Benz Falls Flat

U.S. Secretary of Commerce, Howard Lutnick, attempted to convince Mercedes-Benz CEO Ola Kaellenius to relocate the carmaker's headquarters to the U.S. However, Kaellenius declined, citing the company's global investments and inability to be 'uprooted', amidst intense competition for capital in Europe's industrial centers.

In a bid to shift Mercedes-Benz's headquarters, U.S. Secretary of Commerce Howard Lutnick approached the car giant's CEO, Ola Kaellenius, last year with a relocation proposal.

Despite the allure of the American market, Kaellenius turned down the offer, emphasizing Mercedes-Benz's global footprint and stating that the company could not simply be 'uprooted'.

Lutnick's proposal underlines the intense global competition for capital that European industrial hubs are currently facing, highlighting economic pressures from major markets.

(With inputs from agencies.)