Business

Daimler AG is consciously uncoupling, splitting into Daimler Trucks and Mercedes-Benz

Eileen Falkenberg-Hull
Feb 4, 2021, 10:07 am

Daimler AG Is splitting into two different companies.

Photo courtesy of Daimler AG

While not nearly as earth shattering as when Gwyneth Paltrow and Chris Martin decided to call it quits, it appears that Daimler AG, the parent company of Daimler Trucks and Mercedes-Benz, will be splitting up.

There's already a good idea of which side gets what. According to a release, the company will be divided into Daimler Trucks and Mercedes-Benz with the majority of Daimler Trucks being distributed to shareholders. The remaining company will be renamed Mercedes-Benz.

2021 Mercedes-Maybach S580 The company recently celebrated the launch of its new 2021 Mercedes-Maybach S580. Photo courtesy of Mercedes-Benz

"This is a historic moment for Daimler. It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs. Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure," said Ola Källenius, Chairman of the Board of Management of Daimler and Mercedes-Benz.

The company was previously known as DaimlerChrysler from 1998 to 2007 when it released Chrysler from its bands of matrimony. It bore the Daimler-Benz name from 1926 to 1998. The Daimler AG name was given to the company after it divested itself of Chrysler.

The Daimler Truck business will have fully independent management, stand-alone corporate governance including an independent Chairman of the Supervisory Board. Daimler AG said that it targets listing Daimler Trucks on the Frankfurt stock exchange before the end of 2021. It is expected that once that move is complete, the remaining company will be moved to the Mercedes-Benz name.

Daimler Truck is expected to rapidly pursue the evolution of emissions-free trucks and buses once the deal is complete.

Daimler Truck is the world's largest Truck and Bus producer, with industry leading positions in Europe, North America and Asia, and with more than 35 main locations around the globe. With more than 100,000 employees, it unites seven brands under one roof: BharatBenz, Freightliner, Fuso, Mercedes-Benz, Setra, Thomas Built Buses and Western Star. In 2019, around half a million trucks and buses were delivered to customers by those brands.

All further details of the intended spin-off would be presented to the shareholders at an extra-ordinary shareholder meeting in Q3 2021, in order to obtain their mandatory approval to the plan.

From Your Site Articles

Trending News

 
 

Community

Toyota pledges $1 million in relief for those impacted by Winter Storm Uri

Toyota is mobilizing, putting its money where its mouth is to help Texas affected by severe winter weather.

Photo courtesy of Toyota Motor Sales U.S.A. Inc.

Winter Storm Uri impacted nearly every single one of Texas's 254 counties. North Texas-based Toyota Motor North America (TMNA) has pledged $1 million in relief for those affected by the storm. The aid is slated to serve both Toyota and Lexus customers and a variety of Texas-based non-profit organizations.

Over 60 Texas counties were part of the Federal Emergency Management Agency's (FEMA) recent Texas Severe Winter Storms (DR-4586-TX). It is currently categorized as an active disaster.

"We take our role as community leaders seriously, so when winter storms affected millions right in our back yard, our top priority became helping Texas get back on its feet after this ordeal," said Sean Suggs, group vice president of Social Innovation, TMNA. "Texans have supported our company in myriad ways, and we want to help our neighbors emerge from this storm stronger than ever."

The $1 million relief effort includes:

North Texas/DFW Metroplex

  • United Way of Metropolitan Dallas, in support of North Texas Cares and West Dallas nonprofits to quickly distribute funds to grassroots organizations: $450,000
  • North Texas Food Bank: $100,000
  • The Family Place and Genesis Women's Shelter to fund hotel rooms, food, and transportation for their clients: $30,000
  • Toyota employees will be able to support the needs of four North Texas community partners significantly impacted by the storms by purchasing items from their Amazon Wish Lists.

San Antonio

  • SAWS Community Pipe Repair Fund, through the San Antonio Area Foundation to assist individuals and families stay in their homes safely with funds for plumbing repairs: $100,000
  • Let's Help SA Fund to provide food, water and shelter: $200,000

Houston

  • United Way of Greater Houston to support the Greater Houston 2021 Winter Storm Relief Fund that supports local home repairs: $50,000
  • Houston Food Bank: $50,000
  • CrowdSource Rescue to provide food, water and fuel: $20,000

Additionally, Toyota will match up to $10,000 in individual employee contributions to nonprofit organizations recovering from the storm.

Toyota and Lexus Financial Services customers who are looking for loan and lease payment relief, and were impacted by the storm, may be able to receive assistance under a new Toyota program that has a variety of options for clients.

From Your Site Articles

Trending News

 
 

Transportation

Texas luxury bus operator Vonlane resumes routes following winter storm

Vonlane typically runs luxury bus service to multiple high-priority locations in Texas and beyond.

Photo courtesy of Vonlane

Texas-based luxury bus company Vonlane is back on the road following the winter storm, offering limited routes to travelers among Houston, Dallas, and Austin.

"Upon conducting road tests around the state, we are confident that we can now deliver our normal exceptional travel experience," the Dallas-based company said in a February 19 email to customers.

A quick check of the schedule online shows it's possible to book one-way and roundtrip travel from the Houston Downtown Hyatt Regency to Dallas Doubletree at Love Field or the Austin Hyatt Regency, beginning Friday, February 19.

Vonlane Motor Coach Tour from Vonlane on Vimeo.

Rates are $105 each way.

Routes to and from Fort Worth, San Antonio, and Oklahoma City are not yet available.

Vonlane buses are operating with a number of COVID-19 protocols, including blocked seats for social distancing. Face masks and temperature checks are required.

Vonlane launched its high-end bus service in 2014 to cater to business travelers. Each bus, which holds fewer than two dozen passengers, features amenities like WiFi, satellite TV and radio, snack and drink service, and leather seats.

Reservations can be booked online, and may be canceled and fully refunded up to 24 hours before departure.


The original version of this story can be found on AutomotiveMap's sister site, CultureMap.

From Your Site Articles
Related Articles Around the Web

Trending News