Daimler declines Geely offer to buy stake but Geely is still positive
Daimler has declined an offer from China’s Geely to take a stake of approximately 5 percent by means of a discounted share placement, as the German automaker has long hesitated to see existing shareholdings diluted, sources with understanding of the discussions stated. A stake of that size valued at $4.5 billion at current market value.
- Published in Daimler
Daimler to spend $755 million on electric car and battery production in China
Daimler plans to invest 5 billion yuan ($755 million) in China, with its Chinese joint-venture partner, for capability to produce electric cars and the batteries that power them – part of attempt to help its China operations adhere to the nation’s green automobile production and sales quotas. Hubertus Troska, head of Daimler’s greater China operations,
- Published in Daimler
EU raids Daimler and Volkswagen, further expands cartel inquiry
European Union and German antitrust authorities investigated the offices of Daimler and Volkswagen on Monday, expanding an inquiry into supposed collusion. The EU competition watchdog stated in July that it was investigating numerous German automakers on suspicion they had conspired to fix costs in diesel and other technologies over several years. Daimler suddenly revealed on
- Published in Daimler, Volkswagen
Daimler recalls more than 1 million vehicles globally for air bag fix
Daimler is recalling over 1 million Mercedes-Benz cars and sport utility vehicles globally to address possible unintentional air bag deployments, the German automaker stated. The safety recall covers 495,000 vehicles in the United States, 400,000 in Britain, 76,000 in Canada and some hundred thousand in Germany, business authorities stated. The automaker did not immediately have
- Published in Daimler
Daimler increases investment on North American auto plants
U.S. automakers are dealing with increasing pressure amid sluggish demand in the country, as Asian and European auto companies strongly increase vehicle production in North America, including a recent investment by Daimler. In the recent move, Daimler prepares to invest $1 billion to broaden its Mercedes Benz assembly plant near Tuscaloosa, Alabama, to provide batteries
- Published in Daimler
Sixt CEO signals car-sharing merger talks of BMW and Daimler
German automakers Daimler and BMW could be in talks to integrate their car-sharing services Car2Go and DriveNow, the CEO of automobile rental company and DriveNow partner Sixt hinted. Daimler and BMW have talked about pooling their car-sharing services to better contend against ride-hailing business like Uber and Lyft which have begun providing pay-per-use mobility services
Diesel software updates will cost Volkswagen, Daimler, BMW 500 million euros in Germany
Volkswagen, Daimler and BMW are dealing with expenses of a minimum of 500 million euros ($593 million) to update the engine software of diesel automobiles in Germany to suppress emissions, the VDA automobile market lobby stated. Furthermore, the expenses of paying car owners rewards for trading in their older diesel vehicles for new models will
- Published in BMW, Daimler, Volkswagen
EU antitrust regulators say investigating possible German auto cartel
EU antitrust regulators are investigating accusations of a cartel among a group of German automakers, the European Commission stated on Saturday, a measure that might lead to large fines for the companies. The Commission and its German equivalent were tipped off about the possible cartel, the EU competition authority stated. “The European Commission and the
- Published in BMW, Daimler, Volkswagen
Daimler alleged of selling more than one million cars with excess emissions
Daimler has been been alleged of selling more than a million cars with excessive emissions in Europe and the United States, Sueddeutsche Zeitung newspaper stated, mentioning a search warrant issued by a Stuttgart court. Two months earlier Stuttgart prosecutors investigated Daimler sites in Germany following accusations of false marketing and the probable wrongful manipulation of
- Published in Daimler
Daimler progresses with plans of building Mercedes-Benz cars in Russia
Daimler started construction of a new Mercedes-Benz plant close to Moscow on Tuesday, following through on the first new investment by a significant foreign automaker in Russia since Western sanctions were enforced 3 years ago. Daimler stated in February that it will invest over 250 million euros ($279 million) in the factory, contrary to prevalent
- Published in Daimler, Mercedes-Benz
U.S. judge lets investor diesel lawsuit against Daimler proceed
A federal judge in California will permit a U.S. investor class action lawsuit against German automaker Daimler and a number of senior executives to continue over accusations the company did not disclose excess emissions. The automaker faces ongoing investigations by U.S. and German authorities into excess diesel emissions. Last month, German prosecutors browsed Daimler’s workplaces
- Published in Daimler
Daimler, BAIC agree to develop electric cars in China, according to German government
Daimler will sign a memorandum of comprehending with China’s BAIC Motor about producing a Mercedes-Benz electric vehicle, German government files showed on Thursday. Daimler’s China chief Hubertus Troska and BAIC Group’s Xu Heyi will formally agree to update production centers in Beijing to permit German high-end brand Mercedes-Benz to present an electric car in China,
- Published in Daimler
Daimler sees potential in expanding supplier base in Alabama
Daimler sees value in having more suppliers in Alabama, U.S., where it has a factory in Tuscaloosa, the group stated on Tuesday. Daimler stated having more regional providers increased overall flexibility, minimized transportation times and improved production and logistics expenses. “In general, this results in significantly increased performance,” the company stated. Two years ago the
- Published in Daimler
Stuttgart prosecutor investigates Bosch connection with Daimler diesel emissions
German prosecutors examining whether Daimler manipulated emission tests on its diesel vehicles have connection with auto components provider Bosch, in the supposed fraud, it was confirmed on Friday. “There is an investigation into aiding and abetting fraud,” a representative for the Stuttgart prosecutor stated about Bosch, following a media report released on Thursday. The new
- Published in Daimler
Daimler and Vivint Solar confirms deal on U.S. home batteries
German automaker Daimler will go into the nascent U.S. market for home batteries via a collaboration with residential rooftop solar installer Vivint Solar, the two companies confirmed this week. The unique partnership, Vivint’s first venture into energy storage, will enable the companies to rival against comparable offerings from Tesla Inc, solar installer Sunrun Inc, battery
- Published in Daimler