Archive for the ‘Daimler’ Category

Mercedes Tooling Up French Plant to Take on Tesla Model 3

Compact EQA model will be one of 10 all-electric models coming by 2022.

by on May.18, 2018

The Mercedes-Benz Concept EQA made its debut at last autumn's Frankfurt Motor Show.

Daimler will invest 500 million euros, or $588 million, to tool up a plant in France that will produce an all-electric vehicle targeting the Tesla Model 3.

The German automaker has announced major plans for entering the battery-electric vehicle, or BEV, market. That includes products like the compact concept vehicle Mercedes-Benz revealed at the Frankfurt Motor Show last September.

News You Can Trust!

The French battery-car will be based on that EQA prototype. By 2022, the new Mercedes-EQ sub-brand will be selling 10 BEVs. That’s on top of the electrified models to be offered by Daimler’s Smart brand. (more…)

Daimler Profits Drop Double Digits Despite Car Sales

Strong results from Mercedes-Benz can't halt slide.

by on Apr.27, 2018

Daimler AG's Dieter Zetsche said that despite the drop in profits, the company was on track with its plans.

Daimler AG saw net income drop by double digits in the first quarter despite an increase in revenue in and record unit sales by Mercedes-Benz Cars.

The Daimler Group reported net profit for the first quarter of 2018 of 2.4 billion euros or 2.12 euros per share was 11% below the prior-year figure of 2.7 billion euros or 2.39 euros per share. First-quarter of earnings before interest and taxes of 3.335 billion euros was 13% below its prior-year EBIT of 3.8 billion euros.

Financial News!

“We are sustainably continuing along our profitable growth course and sold more vehicles in a first quarter than ever before,” said Dieter Zetsche, Daimler CEO and chairman of the board of management. (more…)

Geely’s Li Shufu Says Partnerships Key to Auto Success

Team up or get swallowed up.

by on Apr.17, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Geely owner Li Shufu urged Daimler AG, in which he recently became one of the largest shareholders, to consider further strategic partnerships.

Global News!

Li Shufu, who is also the owner of Volvo, recently became a major shareholder of Daimler after acquiring a 9.69 % stake in the Stuttgart-based company. (more…)

Daimler Remains Committed to Diesel Engine Use

Shareholders express concerns about continued investment.

by on Apr.05, 2018

Daimler AG's Dieter Zetsche attempted to assuage concerns of investors about the future of diesel engines.

Daimler AG management insists the diesel engine has bright future, but the company’s shareholders are growing more skeptical and are raising questions about whether they should remain part of the company’s product portfolio in the face of stringent, new emission standards.

Shareholders, mainly representatives of investment funds holding shares of Daimler AG, raised questions about whether, in the aftermath of the scandal around the cheating on the emissions tests used by Volkswagen, it was wise for Daimler and Mercedes-Benz to continue investing in diesel technology.

Industry News!

The question, coming during a meeting in Germany from German shareholders, indicate how the fallout from the “Dieselgate” scandal continues to impact a technology that up until VW’s troubles emerged in 2015 was the pride of the German auto industry. (more…)

Daimler’s Zetsche Talks About Future With New Investor

Geely's Li Khufu is Daimler's largest investor, which may foster new deals.

by on Apr.05, 2018

Daimler AG's Dieter Zetsche discusses the company's future during its annual shareholders meeting.

Daimler AG continues to enjoy record success even as it spends heavily on new investments to prepare the company to meet future challenges in an auto industry that is changing quickly and dramatically even as it adjusts to new shareholders.

Daimler CEO Dieter Zetsche also moved quickly at the beginning of the company’s annual shareholders meeting in Berlin to head off questions about the investment of Li Shufu, the Chinese entrepreneur who recently acquired approximately 10% of Daimler’s shares.

Global News!

“I’d like to start by saying our talks with Li Shufu have been very positive,” Zetsche said. “He wants to have a long-term investment with Daimler and he supports our successful strategy,” said Zetsche, adding that future collaboration with Li Shufu’s automotive empire, which includes Geely, the Chinese company he founded, and Volvo, is a possibility. (more…)

Mercedes-Benz Bank Changes Business Model

Moves by automakers toward mobility forces bank to rethink operations.

by on Mar.09, 2018

Mercedes-Benz Bank is changing the way it does things to keep pace with the changes in auto financing needs.

Daimler Financial Services subsidiary, the Mercedes-Benz Bank in Germany, is revising its business model to accommodate the changes in mobility, such as subscription services, with which carmakers have begun to experiment.

The Mercedes-Benz Bank now finances one of every two vehicles sold by the automaker in Germany and the bank’s portfolio now totals around 970,000 cars, trucks, vans and buses on the books and grew by 12% in 2017 to 26.9 billion euros.

Global News!

“In future, we will also integrate mobility services such as car sharing into our vehicle financing, in addition to making offers specifically for electrically powered vehicles,” One in every two Daimler vehicles in Germany is on the road with a contract from Mercedes-Benz Bank, he added. (more…)

German Court Ruling Could Mark Beginning of the End for Diesels

Major cities may immediately impact 12 million vehicles.

by on Feb.27, 2018

A new German court ruling legalizing bans on diesel-powered vehicles in city centers isn't likely to affect newer vehicles.

A German court issued a landmark ruling that gives several major cities permission to ban diesel vehicles from their urban centers, a move that could soon be copied by other communities across Europe.

The controversial decision is considered significant at several levels, even though it initially applies only to bans proposed by the heavily polluted cities of Dusseldorf and Stuttgart. The latter community is home to Daimler AG whose Mercedes-Benz subsidiary is heavily reliant on diesel technology for its vehicle line-up. The ruling also comes as an embarrassment for German Chancellor Angele Merkel, who had opposed such a ban.

Diesel News!

For now, the cities only plan to restrict older, more heavily polluting diesel models, but critics of the ban fear it could place a sudden strain on the mass transit systems in the two cities while also impacting the value of as many as 12 million diesel vehicles now in operation in Europe’s largest automotive market. (more…)

Geely Chairman Shufu Shaking Up Auto Industry

Daimler may have gained a new strategic partner.

by on Feb.26, 2018

Geely Chairman Li Shufu, left, and Volvo CEO Stefan Jacoby after Shufu signed the papers to take the majority interest in Volvo Cars.

Daimler AG and its principal Chinese partner, BAIC, plan to invest almost $2 billion in a state-of-the-art factory in China, even as Li Shufu, the ambitious entrepreneur, who has made Geely into an automotive power begins to digest his purchase of a 9.7% stake in the company.

Adding to the intrigue, Daimler and BAIC, the company built around Beijing Jeep and a key Geely competitor, plan to use the money to revamp a factory they jointly own to build both Mercedes-Benz luxury and electric vehicles from Mercedes new line of electric vehicles.

An Electrifying News Source!

The investment was clearly planned prior to Li Shufu’s dramatic disclosure he had quietly acquired 9.7% of Daimler AG’s shares. The Chinese entrepreneur, who has built his company into the largest privately owned auto company in China, also hinted that he was prepared to acquire more shares even as he prepared to visit Germany for a round of talks with Daimler executive in Stuttgart and officials from the German government in Berlin. (more…)

Geely Buys 9.7% of Daimler AG for $9.2 Billion

Chinese company now Daimler's largest shareholder.

by on Feb.23, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Li Shufu, Geely’s chairman and majority owner, continues to sample different flavors from the automotive industry buffet, spending $9.2 billion for a 9.7% stake in Daimler AG.

The purchase, which was revealed in a regulatory filing, makes Shufu Daimler’s largest single shareholder ahead of the Kuwait Investment Authority, which holds 6.8%. Nearly 71% of Daimler shares are held by institutional holders, like Shufu.

The Last Word!

“We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler’s innovative prowess, strategy and future potential,” a Daimler spokesperson told Reuters. “Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking.” (more…)

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