BERLIN: Daimler will set up an innovation fund with a volume of 1.5 billion euros ($1.80 billion) for its Daimler Truck unit in the course of the planned spin-off of the business, it said on Wednesday.

"The Daimler truck business will have fully independent management, stand-alone corporate governance including an independent chairman of the supervisory board, and is targeted to qualify as a DAX company," it also said.