Daimler AG is to spin-off Daimler Truck into a separate company by the end of the year with the new company, Daimler Truck Holding AG, to be listed on the Frankfurt Stock Exchange.

Also on the cards is the renaming of Daimler AG, by February 2022, to Mercedes-Benz Group AG, emphasising the future focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ.

Like Mercedes, Daimler Trucks has electrification – both battery-electric and hydrogen fuel cell – in its sights, with models such as the eActros and eEconic models. Amongst other truck brands, Daimler owns Mitsubishi Fuso, Freightliner, and Western Star.

“Daimler is splitting into two strong and independent companies. With this decisive realignment into pure-play entities, we aim to create value for all stakeholders,” said Ola Källenius, Chairman of the Boards of Management of Daimler AG and Mercedes-Benz AG in a statement.

“Now is the right time to take this step: self-determined and from a position of strength. By unlocking the full potential of both companies, we are establishing two undisputed innovation leaders who will set the pace in the transformation of their industries.”

Shareholders of Daimler AG will hold a 65 per cent stake in the new Daimler Truck Holding AG, which will then be listed on the stock exchange as an independent company.

Daimler will retain a minority interest of 35 per cent in Daimler Truck Holding AG and plans to transfer 5 per cent to the Daimler Pension Trust.

Source: Motor Trader e-Magazine (October 2021)

14 October 2021