NZ Truck & Driver News

 
Daimler Truck spinoff confirmed

Daimler Truck spinoff confirmed

NZ Truck & Driver News

 March 2021   

Daimler will spin off Daimler Truck – structuring it to “accelerate its path towards zero emissions as the world’s largest truck and bus producer and technology leader.”

The automotive giant says that this “fundamental change in its structure” is “designed to unlock the full potential of its businesses in a zero-emissions, software-driven future.”

Daimler’s supervisory board and board of management last month confirmed the intention to split the Daimler Truck and Mercedes-Benz businesses – Ola Källenius, Daimler and Merc board of management chairman describing it as “a historic moment for Daimler,” representing “the start of a profound reshaping of the company.”

The two divisions, Mercedes-Benz Cars & Vans and Daimler Trucks & Buses – “are different businesses with specific customer groups, technology paths and capital needs. Mercedes-Benz is the world’s most valuable luxury car brand, offering the most desirable cars to discerning customers. 

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Daimler will spin off Daimler Truck – structuring it to “accelerate its path towards zero emissions as the world’s largest truck and bus producer and technology leader.”

The automotive giant says that this “fundamental change in its structure” is “designed to unlock the full potential of its businesses in a zero-emissions, software-driven future.”

Daimler’s supervisory board and board of management last month confirmed the intention to split the Daimler Truck and Mercedes-Benz businesses – Ola Källenius, Daimler and Merc board of management chairman describing it as “a historic moment for Daimler,” representing “the start of a profound reshaping of the company.”

The two divisions, Mercedes-Benz Cars & Vans and Daimler Trucks & Buses – “are different businesses with specific customer groups, technology paths and capital needs. Mercedes-Benz is the world’s most valuable luxury car brand, offering the most desirable cars to discerning customers. 

“Daimler Truck supplies industry-leading transportation solutions and services to customers. Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure.” 

Daimler Truck board chairman Martin Daum (who is also a member of the Daimler board) says: “This is a pivotal moment for Daimler Truck. With independence comes greater opportunity, greater visibility and transparency. 

“We will grow further and continue our leadership in alternative powertrains and automation. We have already defined the future of our business with battery-electric and fuel-cell trucks, as well as strong positions in autonomous driving. With targeted partnerships we will accelerate the development of key technologies to bring best-in-class products to our customers rapidly.”

Daimler Truck is the world’s largest truck and bus producer, selling

around half a million trucks and buses in 2019, via its seven heavy

commercial vehicle brands: BharatBenz, Freightliner, FUSO, Mercedes-Benz, Setra, Thomas Built Buses and Western Star. It generated €44.9billion in revenue.

Daimler Truck will have fully independent management and standalone corporate governance. The proposed spinoff is expected to be confirmed by Daimler shareholders in Q3 this year, with Daimler Truck listed on the Frankfurt stock exchange before the end of the year. Daimler intends to rename itself as Mercedes-Benz.  


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