Daimler to pull shares off New York Stock Exchange

DETROIT (AP) - German car maker Daimler AG says it will pull its shares from the New York Stock Exchange because of low trading volumes and changing investor behavior.

The maker of Mercedes-Benz and Smart automobiles said Friday that the move also will reduce the complexity of its financial reporting.

The company says it informed the stock exchange of its plans and will ask the U.S. Securities and Exchange Commission to delist the shares.

Daimler says most trading is done electronically through Frankfurt, Germany. The company says fewer than 5 percent of the company's shares were traded in New York.

The move means Daimler will no longer have to file reports with the SEC. But the company said it still will keep open communications with U.S. investors.