Posts Tagged ‘daimler news’

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…)

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…)

New Report: Daimler Software Cheat Beats Emission Tests

German maker cooperating with investigators.

by on Feb.20, 2018

Daimler's claims that its new diesel engine would be able to meet all emissions regulations turned out to be false.

Investigators in the United States are still probing whether Daimler AG cheated on U.S. diesel emissions tests.

The investigations apparently follow the lawsuits filed in 2016 by a number of customers, claiming their cars had software made to fool emission tests. The software is similar to Volkswagen’s, according to the German newspaper Bild am Sonntag.

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Mercedes-Benz, Daimler’s principal automotive subsidiary, no longer sells cars powered by diesel engines and has no plans to return diesel-powered vehicles to the U.S. market, senior company executives told last month. (more…)

Daimler AG Latest Under Diesel Emissions Microscope

Some Mercedes-Benz vehicles may have used cheat devices.

by on Feb.19, 2018

Daimler is the latest automaker to be investigated about cheating to beat U.S. emissions tests for diesel engines.

Volkswagen and Fiat Chrysler have been investigated by U.S. officials for using “cheat devices” to pass diesel emissions tests in the U.S. and it appears Daimler AG is next to put its head on the block.

Investigators found Mercedes-Benz cars were equipped with software which may have helped them to pass diesel emissions tests, German weekly Bild am Sonntag reported citing confidential documents.

News Now!

A Daimler spokesman said the company was cooperating fully with U.S. authorities and had agreed to strict confidentiality with the U.S. Department of Justice.  (more…)

Daimler Posts 24 Percent Profit Increase in 2017

Company expects even better results for 2018.

by on Feb.01, 2018

Daimler's Dieter Zetsche reported the company enjoyed its best year ever in 2017.

Daimler AG’s net profit increased by 24% to 10.9 billion euros, the company’s unit sales increased by 9%, and its revenues increased by 7% in best year in the company’s long history.

For 2018, Daimler executives said during the company’s annual press conference the it will be able to increase its overall unit sales on the strength of its “innovative” product portfolio in all divisions, the ongoing positive development of global automotive markets and its strengthening market position.

Global News!

On the basis of the positive development of unit sales, a slight increase in revenue is anticipated, they added. (more…)

German Automakers Funded Emissions Tests on Monkeys and Humans

“No ethical way justifiable,” said spokesman for German Chancellor Merkel.

by on Jan.29, 2018

VW Chair Hans Dieter Poetsch criticized researchers who exposed humans and monkeys to diesel exhaust for extended periods.

As part of a research program on the impact of exhaust emissions, three German automakers sponsored experiments that exposed humans and monkeys to diesel fumes, a project that the chairman of Volkswagen AG today called “totally incomprehensible.”

The revelation of the program conducted by the University of Aachen further tarnishes the reputation of VW, as well as rivals Daimler and BMW, at a time when they all have been accused of rigging diesel emissions tests. At least one vehicle used in the project was a VW Beetle that had been among those equipped with one of the company’s rigged diesel engines.

Safety News!

VW’s Hans Dieter Poetsch described the project as “totally incomprehensible” and called for it to be “investigated completely and without reservation.” (more…)

Aston Martin Recalls Entire Run of New DB11 Sports Coupes

Faulty wiring could cause unexpected airbag deployment.

by on Jan.22, 2018

The convertible, or Volante, version of the DB11 was added to the mix last year.

Aston Martin is recalling the entire run of its newest sports coupe, the DB11, due to a defect that could cause the vehicle’s driver’s side airbag to inadvertently deploy.

The problem is not related to defective Takata airbags but rather is caused by a wiring issue in steering columns provided by Daimler AG, an ally of the British sports car company. Daimler itself has recalled over 1 million vehicles due to the defect.

Safety News!

Airbag problems have become a major headache for automotive manufacturers in recent years, though the majority of problems have involved faulty Takata airbags that have so far been linked to at least 21 deaths and hundreds of injuries.


US Tax Cuts Provides 1B Euro Boost to Daimler Shareholders

Company increasing dividend to global shareholders.

by on Dec.26, 2017

Daimler AG will benefit from the new tax cuts in the U.S. to the tune of $1 billion.

Daimler AG expects the reduction in U.S. federal taxes to boost the company’s net income by roughly 1 billion euros, which will lead to higher dividends next year for automaker’s shareholders around the world, the company said in a statement released during the Christmas holidays.

The new tax law pushed by President Donald Trump includes the permanent reduction of the U.S. corporate income tax rate from 35% to 21%, starting Jan. 1, 2018.

Global Auto News!

“Due to the broadly based U.S. industrial and financial services business, combined with a material value added, Daimler — similar to many other local U.S. companies — benefits from the decided tax reform,” according to a statement by Daimler, which builds, cars, heavy-duty trucks and large diesel engines at operations spread across the United States with major employment clusters in Portland, Oregon, Detroit and Tuscaloosa, Alabama. (more…)

Daimler Recalling 1M Vehicles Worldwide

Action taken to fix airbags that deploy for no reason.

by on Oct.17, 2017

The 2017 Mercedes-Benz E-Class is part of Daimler's recall of 1 million vehicles to fix an airbag problem.

Daimler AG is recalling more than 1 million Mercedes-Benz vehicles around the world to resolve a problem causing airbags to unexpectedly and unnecessarily deploy in the affected cars and sport-utility vehicles.

The company said 400,000 vehicles in Great Britain and “a few hundred thousand” in Germany were impacted as well, but it doesn’t have a complete total yet.

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The recall affects 495,000 vehicles in the U.S. and 76,000 in Canada, according to officials. No deaths or severe injuries, just “a handful of instances” of “minor abrasions or bruising” have been reported resulting from the unintentional deployments. (more…)

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