Daimler AG has officially renamed itself to Mercedes-Benz AG. The renaming of Mercedes-Benz’s parent company signifies a new focus for the automaker, centered on electrification.

The organization says the rebranding will allow it to concentrate on its Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ brands. This focus is made possible in part by the fact that Daimler recently spun off its commercial trucks division into Daimler Trucks. Thus, Daimler’s commercial operations is a standalone company now.

“The renaming to Mercedes-Benz Group AG underlines our renewed strategic focus. In doing so, we want to make clear where we see the core of our company – building the most desirable cars in the world,” said Ola Källenius, chairman of Mercedes-Benz AG.

Both the spinoff of its commercial division and rebranding of the mothership company aim to create more shareholder value. Mercedes says the moves will eventually generate additional cashflow from the enhanced strategic focus. Mercedes-Benz AG eventually wants to have a Tesla-like image when it comes to electric vehicles.

Mercedes-Benz AG is already well into its electrification plan. The company already has six EV models already launched or launching this calendar year.