Daimler confirms 2018 group EBIT outlook
Daimler stated a proposed deal to combine its mobility services company with that of competitor BMW will not close in 2018, forcing the automaker to reduce the outlook for its financial services division. Daimler stated the delay means it will not be able to book valuation and revenue gains this year, causing the financial services
- Published in Daimler
White House presses German automakers to boost U.S. investments
President Donald Trump pressed senior executives of top German automakers to boost their investments in the United States as the White House thinks about imposing new tariffs on European-made vehicles. German automakers stated after the meeting they informed Trump they planned to increase U.S. investments, but cautioned they would not be able to do so
- Published in BMW, Daimler, Volkswagen
Daimler raises possibility of increasing stake in BAIC Motor
Daimler AG has boosted the prospect of increasing its stake in a joint venture with Chinese partner BAIC Motor, Bloomberg reported on Tuesday, mentioning people knowledgeable with the matter. Daimler has shown an interest in raising its holding in the JV to no less than 65 percent from 49 percent, as per the report. The
Daimler to start making electric cars in China in 2019
Daimler is going to start building electric vehicles in China next year as a way to fulfill Beijing’s strict anti-pollution quotas for automakers, even as demand for standard models like the Mercedes-Benz Maybach remains strong. China has introduced minimum sales necessity for so-called new energy vehicles (NEV’s) and the automaker is on track to meet
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German auto CEOs willing to attend White House meeting
The bosses of Volkswagen, BMW and Daimler are ready to join a meeting at the White House with the Trump administration, but have not yet received an official invitation, industry sources stated on Thursday. The Handelsblatt newspaper on Wednesday mentioned industry and diplomatic sources as stating the meeting could possibly take place as soon as
- Published in BMW, Daimler, Volkswagen
Elon Musk hints at partnering with Daimler’s van
Tesla Inc could be interested in partnering with Daimler’s Mercedes-Benz on an electric version of its Sprinter van, CEO Elon Musk stated on Twitter on Monday. “Maybe interesting to work with Daimler/Mercedes on an electric Sprinter. That’s a great van. We will inquire,” Musk responded to a comment by a Twitter user asking about an
Daimler to start new R&D center in China to speed up localization
German automaker Daimler AG stated on Wednesday it prepares to invest 1.1 billion yuan ($158.23 million) in a second research and development center located in Beijing to help speed up localization of Mercedes-Benz vehicle models in the country. Daimler stated the new tech center will be located close to Daimler’s engine and vehicle assembly hub
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Volkswagen and Daimler agree to pay for diesel repairs
German automakers agreed to spend up to 3,000 euros ($3,430) every vehicle to help decrease diesel emissions as the government and industry respond to driving bans in major cities. While Transport Minister Andreas Scheuer and auto leaders were hammering out a deal on anti-pollution measures in a five-hour meeting on Thursday, a court ruled that
- Published in Daimler, Volkswagen
European Union executive conditionally approves Daimler and BMW car-sharing deal
The European Union’s competition authority stated on Wednesday it had accepted the plan of German automakers Daimler and BMW to combine their car-sharing businesses, subject to conditions. Under the deal, which consists car-sharing units Car2Go and DriveNow along with ride-hailing, parking and charging services, Daimler and BMW will both hold 50 percent stakes in a
Daimler and Geely are setting up ride-hailing joint venture in China
Germany’s Daimler is forming a ride-hailing joint venture in China with Geely Group, in an indication the Chinese firm is making progress in its drive for closer relations with the German automaker. Geely Chairman Li Shufu took a 9.69 percent stake in Daimler previously this year, rekindling worries in Germany about its highly-prized expertise entering
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Daimler’s operating profit to fall due to crackdown on diesel
Daimler stated its operating profit would decrease by over 10 percent this year, its second earnings warning since June, putting blame on “government proceedings and measures in various regions” as a crackdown on diesel emissions takes a toll. Daimler cautioned investors it expected its full-year earnings prior interest and tax to be “significantly below” 2017’s
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Daimler eyes joint venture with Geely Holding Group
German vehicle manufacturer Daimler AG is discussing China’s Geely Holding Group to start a joint venture to offer ride-hailing and car-sharing services in China, Bloomberg reported, mentioning sources. The 50:50 venture is yet to be finalized, and Daimler has strategies to take on industry leader Didi Chuxing on its home turf, Bloomberg reported mentioning people
- Published in Daimler
Daimler CFO Bodo Uebber won’t renew his term after it ends in 2019
Daimler’s finance chief Bodo Uebber won’t look forward to renew his contract once it expires in December 2019, the automaker stated late on Sunday. The announcement marks the recent senior management change at Daimler. In September, Daimler named research chief Ola Kaellenius as its next chief executive officer to succeed CEO Dieter Zetsche. Chief Financial
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Top German automakers stop sales of some plug-in hybrid cars in Europe
Volkswagen, BMW and Daimler-owned Mercedes-Benz have stopped sales of some of their plug-in hybrid cars in Europe following the new emissions regulations, Automotive News reported on Thursday. The new Worldwide Harmonized Light Duty Vehicles Test Procedure (WLTP) regime, that went into effect on September 1, gives higher CO2 readings compared to the old New European
- Published in BMW, Daimler, Volkswagen
Daimler to appoint Ola Kaellenius as chief executive in 2019
Daimler’s has decided to appoint company veteran Ola Kaellenius as chief executive from next year. This signals a cultural shift by the world’s oldest automaker as it takes on new competitors from the tech sector. A 49-year old Swede, Kaellenius is the first non German CEO to lead the 132-year-old Stuttgart-based inventor of the modern
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