Daimler Boosts Earnings Despite Pandemic

Posted on February 18, 2021 by admin

Daimler CEO Ola Källenius said company turned a better-than-expected profit due to the cost-cutting measures implemented company wide.

Daimler AG reported profits increased 48% to $4.8 billion during 2020 in a challenging environment due to the COVID-19 pandemic.

The company’s total unit sales of passenger cars and commercial vehicles decreased by 15%, to 2.84 million units while revenue dropped 11 percent. For the full year, Daimler’s net profit improved to $4.8 billion, compared to $3.2 billion.

However, cutting cost and cash preservation measures and steady performances across all divisions boosted earnings before interest taxes of the Daimler Group by 53 percent.

“The year 2020 was a stress test for just about every company in almost every industry. The Daimler team mastered this test very well,” said Ola Källenius, chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.

Daimler products remain popular

Källenius added Daimler products continue to be in great demand across all major markets and divisions.

Daimler’s management team reviews the company’s financial results for 2020.

“With rapid growth in our xEV sales and the introduction of new products and technologies, we have also taken important steps in terms of electrification and digitalization,” said Källenius, adding the company’s financial results are significantly above market expectations.

“We proved our ability to generate substantial cash flow and to drive the ongoing transformation on our own – even under the adverse circumstances of a pandemic.”

At the Annual General Meeting on March 31, 2021, the Board of Management and the Supervisory Board will propose a dividend of 1.35 euros or $1.62 per share, up from 2019’s dividend of .90 euros or $1.08 per share.

Källenius added, “We are confident that we can maintain positive momentum if current market conditions prevail, accelerating our strategic plans and further enhancing our financial robustness.”

Separation still ready to go

Daimler AG is undergoing big changes in 2021 with the spinoff of the truck business.

Daimler plans to spin off and list Daimler Truck on Germany’s DAX index. The new Daimler Truck shares will be distributed to current Daimler shareholders. The new company will be just that: a new company. It will have an independent management team, stand-alone corporate governance including an independent Chairman of the Supervisory Board.

“The intended separation of our industrial businesses is designed to unlock the full potential for Mercedes-Benz as the world’s pre-eminent luxury car business,” he said. Additional details will be offered at a separate meeting in the third quarter of this year.

The transaction and the listing of Daimler Truck on the Frankfurt stock exchange is expected to be completed before year-end 2021. In addition, it is also Daimler’s intention to rename itself as Mercedes-Benz at the appropriate time.

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Daimler AG Splitting into Two Companies in Q3 2021

Posted on February 4, 2021 by admin

Ola Källenius, Daimler AG chairman, said splitting into two separate companies will add value to shareholders.

In an effort to pacify its habitually restless shareholders, Daimler AG will divide into two separate companies – one dedicated to passenger cars and the second to manage its heavy truck and bus business, which has long been part of the company’s structure.

“This is a historic moment for Daimler. It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs,” said Ola Källenius, chairman of the Board of Management of Daimler and Mercedes-Benz.

Källenius said Mercedes-Benz and Daimler Truck offer industry leading transportation solutions and services to customers, they operate in industries that are facing major technological and structural changes. This presented some issues for the company.

“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,” he said.

Third Quarter Targeted for Shareholder Approval

Workers inspect the new Mercedes-Benz EQ as it rolls off the line.

The split will not be complete until the third quarter but officials said the plans include a fundamental change in its structure that is designed “to unlock the full potential of its businesses in a zero-emissions, software-driven future,” according to a statement released by the company, which said the changes was approved earlier this week by the Management Board and Supervisory Board.

The company said more details will be released prior to an extraordinary shareholders meeting set for the third quarter.

While separate entities, the two new companies will retain the basic German character under the plan now being evaluated by Daimler’s existing management and supervisory companies.

Daimler said in its announcement that a significant majority stake in Daimler Truck will be distributed to Daimler current shareholders, which include Kuwait’s sovereign wealth fund and the Chinese automaker Geely.

The transaction and the listing of Daimler Truck on the Frankfurt stock exchange is expected to be complete before the end 2021. In addition, it is also Daimler’s intention to rename itself as Mercedes-Benz at the appropriate time.

The split into two companies will give Mercedes-Benz Cars more freedom and flexibility.

When the split is complete, both companies will operate with individual management boards, comprised of each company’s senior executives and a supervisory, which under German law, will include outside directors and representatives of the employees from each company.

Daimler Executives Long Contemplated the Split

The change has been in the works for more than two years and Daimler took the first step last year when it set up a holding company that retained some financial control over its different groups, including Daimler Truck and Mercedes-Benz Cars and Vans.

As part of a more focused corporate structure, both Mercedes-Benz and Daimler Truck will also be supported by dedicated captive financial and mobility service entities, driving sales with tailor-made financing, leasing and mobility solutions, increasing retention and building customer loyalty. In this process, the company plans to assign resources and teams from today’s Daimler Mobility to both Mercedes-Benz and Daimler Truck.

“We have confidence in the financial and operational strength of our two vehicle divisions. And we are convinced that independent management and governance will allow them to operate even faster, invest more ambitiously, target growth and cooperation, and thus be significantly more agile and competitive,” Källenius said.

Move Increases Shareholder Value

Daimler’s Manfred Bischoff said the planned market listing of Daimler Truck is an important step to create value, especially for small shareholders.

Manfred Bischoff, chairman of the Supervisory Board of Daimler, said the planned market listing of Daimler Truck is an important step to create value. Daimler’s small shareholders in Germany have been sensitive over the years to the fluctuations of Daimler’s shares.

The failure of the Daimler-Benz merger with Chrysler Corp. can in part be traced back to the dissatisfaction of the small shareholders who said the merger diluted the value of their shares.

Bischoff said both Mercedes-Benz and Daimler Truck enter this transformation with significant strengths. “We are convinced they will emerge even stronger as independent companies, serving their respective customers,” he said.

However, with their different return profiles and capital needs, the rationale for two independent entities is evident. We are convinced that the capital markets will appreciate the opportunity to invest in more clearly focused, pure-play businesses, Bischoff noted.

The split also is expected to leave the company’s troubled and troublesome diesel business in the hands of Daimler Truck since the Mercedes-Benz cars is moving rapidly towards electrification.

New truck models of the Actros range now available for order: sales start of Actros F and Edition 2.

Employees Endorse New Structure

The tentative split was given a boost when Michael Brecht, chairman of the Daimler’s General Works Council, and the top employee representative on the Supervisory Board, endorsed the plans. “The transformation of our industry is moving ahead quickly. In order for us to keep pace, we need to invest in innovations boldly and more quickly,” he said.

The split provides additional support for each facility and helps to secure employment. In addition, the labor agreements are unaffected, remaining in force until the end of the decade.

“The planned independence will bring Mercedes-Benz and Daimler Truck many advantages, and we will continue to do everything in our power to uphold the interests of our colleagues. We have the unique opportunity to proactively and sustainably shape our commercial vehicle sites — from production to the service business — in order to help write the next chapter of the Daimler Truck success story,” Brecht said.

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Mercedes Launching Six All-Electric Models by 2022 – With Two to Be Built in U.S.

Posted on December 14, 2020 by admin

Mercedes production chief Jorg Burzer stands by a prototype of the Mercedes EQS battery car. It will be one of two EVs built in Mercedes’ Alabama facilities.

Mercedes-Benz is getting ready to launch a major push into electrification, the automaker announcing plans to have six all-electric EQ models in production by 2022, including two that will roll off its assembly line in Tuscaloosa, Alabama.

Production of the new Mercedes-EQ sub-brand began in 2019 with the launch of the EQC in Bremen, Germany, with the electric crossover being added at a plant in China. This year, the automaker introduced its all-electric EQV van, produced at its Vitoria plant in northern Spain. Production of the EQA at a German plant has just begun, with sales to begin next month.

Within two years, four other model lines, including electric sedans and SUVs, will be added to the list, as part of the “Electric First” program. The automaker will have factories dedicated to battery-electric vehicle, or BEV, production in the U.S., Germany, China, Hungary, Spain and Poland.

(New Mercedes strategy means EVs coming for AMG, Maybach.)

The German automaker is “investing heavily in transformation,” said research chief chief and Mercedes-Benz COO Markus Schafer. “Our vehicle portfolio becomes electric and thus also our global production network with vehicle and battery factories.

An electric Mercedes EQV van rolls down the assembly line at a plant in Spain.

“We intend to lead in the field of e-mobility and focus in particular on battery technology,” Schafer added. “We are taking a comprehensive approach, ranging from research and development to production, and also including strategic cooperation.”

On top of the products that have already been rolled out, Mercedes announced Monday plans to begun production at a variety of other factories:

The EQS, essentially an electrified S-Class and a Tesla Model S competitor, will begin production at Mercedes’ flagship plant in Sindelfingen, Germany, during the first half of 2021;
The compact EQA SUV is already being produced in Rastatt, Germany, but a second line in Beijing will be added next year;
Another compact SUV, the EQB will become the first Mercedes EQ model to go on sale in the U.S. after production launches in both Kecskemet, Hungary, and Beijing next year;
The EQE, the electric alternative to the familiar, midsize Mercedes GLE SUV, will be produced in Bremen, Germany, as well as Beijing starting next year;
The production rollout wraps up with the launch of the EQS und EQE SUVs in Tuscaloosa, Alabama starting in 2022, though still other all-electric models will be coming later in the decade.

A Mercedes EQB undergoes winter testing.

Mercedes also plans to build battery systems in Alabama, Germany, Poland and Beijing.

(Mercedes upping stake in Aston Martin, expanding tech ties.)

Long focused on diesel technology to boost its fuel economy and drive down carbon dioxide emissions, Mercedes began shifting direction mid-decade as a series of diesel emissions scandals embroiled it and other European automakers.

“All systems are go. We are investing more than 10 billion euros in the development of our EQ vehicle portfolio alone,” Ola Källenius, who last year became Daimler CEO, previously noted. “We will also be electrifying the entire Mercedes‑Benz portfolio and our customers will thus have the choice of at least one electric alternative in every Mercedes‑Benz model series, taking the total to 50 overall.”

Mercedes’ electrification program isn’t limited to pure battery-powered models. The automaker plans to continue producing plug-in hybrids like its current GLC 350e 4Matic. And it has begun using “mild,” or 48-volt hybrid powertrains in a number of products. But it expects its various plug-based models to yield fully half of the brand’s sales by 2030, company officials have said.

(Daimler teaming up with Volvo parent Geely to build hybrid powertrains.)

That’s on top of the business it expects to generate by supplying partners, such as Aston Martin, with hybrid drivetrain technologies. Parent Daimler AG also launched a new partnership with China’s Geely. The two automakers will develop new plug-based drivetrains for use in a variety of their individual model lines.

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Daimler Settles in American Diesel Emissions Investigation

Posted on August 13, 2020 by admin

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Pixfly/Shutterstock

Daimler reached an agreement this week to settle U.S. proceedings related to an investigation into software that’s presumed to cheat diesel emissions tests. While not an admission of guilt, it’s going to cost the company a sizable $1.5 billion — which is a lot to spend on a simple misunderstanding.

After Volkswagen Group admitted to using engine management software designed to falsify emission testing data, there has been a target panted on the back of every other company operating within the auto industry. If VW could get away with such shenanigans for years, there’s reason to believe other carmakers may have engaged in similar behaviors.

Realists know this goes without saying. Increasingly stringent pollution regulations (especially on diesel motors) have become difficult for even the largest players to contend with, and are one of the reasons so many startups are focused entirely on building electric cars — stock market madness being the other.

Meanwhile, the automotive sector has enjoyed a long and storied history of acting badly, then shrugging it off. We couldn’t possibly count the number of times companies knowingly released bum components and then did everything in their power to avoid a recall, or fibbed on their mpg figures.

It’s just the way things are done. But that doesn’t mean everyone gets away with it.

“With the proposed settlements, the company takes an important step towards legal certainty with respect to various diesel proceedings in the United States,” Daimler said in a release on Thursday.

That’s nothing compared to what Volkswagen spent on Dieselgate — a sum that is bearing down on $40 billion USD after five years of litigation. But the Mercedes-Benz parent may not be out of the woods just yet. Daimler is already estimating an additional sum “of a mid three-digit-million [euro] amount to fulfill requirements of the settlements.”

It also expects a corresponding impact on the free cash flow of the business over the next 3 years. The brunt of this damage is expected to take place within the next 12 months, however.

[Image: Pixfly/Shutterstock]

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