Daimler to keep 35% stake as truck division goes solo

Posted in REVIEWS on July 30, 2021
Tags: ,

FRANKFURT — Daimler will keep a 35% stake in the trucks division it plans to spin off this year, the luxury carmaker said on Friday, giving more details on a landmark corporate split it hopes will boost share values. The spinoff of Daimler Truck Holding AG as a separate listed entity, first announced in February, will be voted on by Daimler shareholders at an extraordinary general meeting on Oct. 1. They will receive one share Read More »

Daimler racks up huge profit as chip shortage boosts car prices

Posted in REVIEWS on July 15, 2021
Tags: ,

Daimler AG posted far higher earnings than analysts expected by joining peers in commanding better pricing for vehicles in the midst of the global semiconductor shortage. Preliminary earnings before interest and taxes surged to 5.19 billion euros ($6.1 billion) in the second quarter, the Mercedes-Benz maker said late Wednesday, beating a company-compiled consensus of 4.11 billion euros. Profit margin at the cars and vans division reached double digits for a third straight quarter. Daimler joins Read More »

Daimler on track to spin off its truck unit by the end of the year

Posted in REVIEWS on June 28, 2021

BERLIN — German carmaker Daimler is on track to spin off Daimler Truck, the world's largest truck and bus maker, by the end of the year, its finance chief was quoted as saying on Sunday. "We are right on schedule with the detailed preparations for this complex project and want to float Daimler Truck on the stock exchange as an independent company by the end of this year," CFO Harald Wilhelm told the Automobilwoche weekly. Read More »

Daimler Truck chief predicts green trucks will slash jobs by 50% at some plants

Posted in REVIEWS on May 22, 2021

LONDON — The transition to zero-emission fuel cell trucks will slash about half the jobs at Europe's truck engine plants in the next 15 years, Daimler Truck Chief Executive Martin Daum said on Friday, urging policymakers to prepare for that now.  Truck makers are moving towards a zero-emission world as hitting sustainability targets becomes more important for their customers but the fuel cells have fewer moving parts and require less labour to make than combustion Read More »

Daimler Truck 'all in' on green energy as it targets costs

Posted in REVIEWS on May 22, 2021
Tags: , , ,

LONDON — Daimler Truck aims to cut costs and boost profit across all regions by 2025 as it goes "all in" for electric and hydrogen fuel cell powered vehicles, the world's largest truck and bus maker said on Thursday. German carmaker Daimler plans to spin off Daimler Truck later this year as it seeks to increase its investor appeal as a focused electric, luxury car business. "Both technologies (electric and hydrogen) will be needed," Daimler Read More »

Daimler and Volvo plan hydrogen fuel cell truck production in 2025

Posted in REVIEWS on April 29, 2021
Tags: ,

LONDON — Daimler's truck unit and Volvo said on Thursday they would start making hydrogen fuel cells in Europe in 2025 via a joint venture, and called for EU policies to help make the zero-emission technology commercially viable. The rival German and Swedish makers of large freight-hauling trucks formed their venture, Cellcentric, in March. They said they would provide more details on large-scale fuel production in 2022, but said Cellcentric was already scaling up prototype Read More »

Daimler cuts hours for up to 18,500 workers over chip shortage

Posted in REVIEWS on April 22, 2021
Tags: ,

BERLIN — Daimler will cut working hours for up to 18,500 employees and temporarily halt production at two plants in Germany due to a shortage of semiconductor chips that has hit global car production, it said on Wednesday.  "Currently, there is a worldwide supply shortage of certain semiconductor components," a spokeswoman said. "We continue to play things by ear."  "The situation is volatile, so it is not possible to make a forecast about the impact," Read More »