German carmaker Daimler is on track to spin off Daimler Truck, the world's largest truck and bus maker, by the end of the year, the company announced.
Daimler Truck
Photo: Daimler AG
"We are right on schedule with the detailed preparations for this complex project and want to float Daimler Truck on the stock exchange as an independent company by the end of this year," said CFO Harald Wilhelm.
"We are convinced of the industrial logic and benefits of the planned realignment of Daimler and the spin-off of Daimler Truck."
The plan - announced in February - is aimed at increasing Daimler's investor appeal as a focused electric, luxury car business, as the Mercedes-Benz brand challenges Tesla, Porsche, BMW and others.
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Daimler Truck AG has a strong global footprint. It is one of the world’s largest commercial vehicle manufacturers, with more than 35 primary locations around the world and around 100,000 employees. The company brings seven vehicle brands under one roof:
Two brands in Europe - Mercedes-Benz (light, medium and heavy trucks as well as city, intercity and touring coaches) and Setra (intercity, long-distance and premium coaches) are our traditional European brands.
In the US, Daimler operates with Freightliner Trucks (trucks in weight classes 5 to 8 for a wide range of commercial vehicle applications), Western Star (heavy trucks for specialised and long-haul transports) and Thomas Built Buses (light- to medium-duty buses).
Daimler Asian brands include BharatBenz, based in Chennai, India (trucks in the weight classes 9 to 55 tonnes and medium- and heavy-duty buses) and FUSO, headquartered in Japan (trucks and buses for Asia, Middle East, Africa, Europe and Latin America).
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Over the past decades, Daimler’s truck and bus divisions have consistently set standards for the entire transportation industry - in terms of safety, fuel efficiency and driver and passenger comfort. In recent years, focus has moved to emission-free, automated and connected driving, with a view to realising the company's vision of CO2-neutral and accident-free transport.
In the truck market, Daimler faces traditional rivals such as Sweden's AB Volvo, Volkswagen AG unit Traton and Paccar Inc
Under the planned spin-off, a significant majority stake in Daimler Truck would be distributed to Daimler shareholders.
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