Daimler and Mercedes-Benz confirm corporate shake-up
Daimler has announced plans to split its business into two independent companies; one called Mercedes-Benz for its car division and the other Daimler Truck for its truck and bus commercial division.
The move marks the end of an era for the Daimler name, while symbolizing a push for the new in the form of improved technology integration across the business.
Daimler’s truck and bus division currently includes Freightliner, Mitsubishi Fuso, Sterling, Western Star, and others. It’s tipped that the move will see Daimler Trucks press play on plans to accelerate EV and hydrogen truck development.
“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.
“Both companies operate in industries that are facing major technological and structural changes.
“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.”
The proposal is set to be approved by the firm’s shareholders by the third quarter of 2021. Daimler Truck is also set to be listed on the Frankfurt stock exchange, with a “significant majority stake” distributed to current Daimler shareholders.