FRANKFURT — Daimler's (DMLRY.PK) Chief Executive Dieter Zetsche on Monday said Mercedes-Benz will offer electric versions of all its models by 2022, converting its Smart city car brand to become fully electric.

Speaking at the company's investor day in Sindelfingen, Germany, Daimler said it will offer at least 50 electrified versions of Mercedes-Benz passenger cars in hybrid and fully electric car variants.

Because electric cars have a lower margin than combustion-engine cars, Daimler has set itself a more ambitious savings target. The company's Fit for Leadership 4.0 plan targets savings of 4 billion euros (US$4.8 billion), Daimler said.