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Posts Tagged ‘daimler news’

Daimler AG Profits Fall as Car, Van Division Sales Drop

Mercedes fails to meet last year's profit, sales marks.

by Joseph Szczesny on Feb.08, 2019

Daimler AG Chairman Dieter Zetsche fields questions from the media during the company's annual earnings press conference.

Daimler AG said its fourth-quarter operating profit fell 22% as trade wars and ballooning costs for developing electric and self-driving cars took a bit out of the company’s profits.

The German automaker’s earnings before interest and tax or EBIT dropped to 2.67 billion euros in the fourth quarter, falling short of analyst expectations of 2.92 billion euros.

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Mercedes-Benz said increased tariffs on vehicles imported from the United States to China and delivery stoppages for individual diesel models hit demand and resulted in weaker prices. (more…)

Mercedes-Benz Eyes Construction of New Plant in Egypt

Open to working with the government on other projects too.

by Joseph Szczesny on Jan.24, 2019

Markus Schäfer, Member of the Divisional Board of Management of Mercedes-Benz Cars, Production and Supply Chain, and the President of the Arab Republi c of Egypt H.E. Abdel Fattah El-Sisi spoke about plans to start a new assembly plant in Egypt.

Mercedes-Benz Cars is considering construction of a new assembly plant in Egypt.

“Egypt is an attractive and competitive location for production and supporting logistics,” said Markus Schaefer, the executive responsible for Mercedes-Benz Cars, Production.

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Schaefer said local assembly enables Mercedes-Benz to expand its market position. (more…)

Daimler Delivers E-Truck to Penske for Testing

Penske testing Freightliner medium-duty battery-electric truck.

by Joseph Szczesny on Dec.24, 2018

Daimler AG's Freightliner subsidiary delivered the first battery-electric medium-truck truck to Penske for testing.

Daimler AG has pushed ahead with its plans to sell electric trucks as Freightliner, its North American subsidiary, delivered its first medium-duty battery-electric truck to a customer in the U.S.

Penske Truck Leasing, which is operated long-time Daimler ally, Roger Penske, plans to operate the electric truck in local distribution traffic in the Northwest Pacific and in California, Daimler announced

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With the delivery of the Freightliner eM2, Daimler Trucks is starting day-to-day operational testing of heavy-duty and medium-duty e-trucks in the United States, Daimler said. (more…)

Daimler, BMW Get U.S. Approval for Mobility Company

Final hurdle cleared for two automakers.

by Joseph Szczesny on Dec.20, 2018

Daimler AG and the BMW Group have gotten the go-ahead from U.S. regulators for their combined mobility joint venture.

The BMW Group and Daimler AG have gotten the green light from anti-trust authorities in the U.S. to operate a joint venture offering a range of mobility services that are expected to grow in the future such as car sharing, charging, ride hailing and even parking.

The German automakers said the joint venture will focus on “ensuring the personal freedom of customers in the field of urban mobility, including a new mobility service that is easy to access, intuitive and focused on the needs of the user.”

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The service will allow customers to move through an “ecosystem” that combines car-sharing, ride-hailing, parking and multimodality from a single source and is available with just a few taps on a phone app, the two automakers said.   (more…)

Daimler Investing More Than $20B in Battery Cells

Company furthers commitment to EVs.

by Joseph Szczesny on Dec.12, 2018

Daimler AG's Dieter Zetsche announced the company's commitment to buy more than $22 billion in battery cells.

Daimler AG is prepared to put up $22 billion to purchase battery cells over the next dozen years.

Dieter Zetsche, chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars, said the commitment is expected to help insure that the batteries are available to move ahead with the development of electric vehicles.

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“Our electric offensive continues to gain momentum. After investing billions of euros in the development of the electric fleet and the expansion of our global battery network, we are now taking the next step,” Zetsche said. (more…)

Daimler, BMW Mobility Joint Venture Delayed

Companies pushing on, meeting with U.S. authorities.

by Joseph Szczesny on Dec.10, 2018

Mobility enterprises, like Daimler's alliance with the Car2Go car-sharing service, are partnering more often, as Daimler is trying to do with BMW.

Delays in obtaining the necessary regulatory approvals have forced Daimler AG and BMW Group to push back their effort to establish a joint-venture mobility company.

The delay will force Daimler Financial Services to lower its earnings forecast for 2018. The division now expects EBIT to be significantly lower than in the previous year.

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The forecast for the Daimler Group’s EBIT in the 2018 financial year remains unaffected and unchanged. As previously announced, the transaction will not have any cash-flow impact on the industrial business, Daimler said in a statement, updating the plans for the joint venture. (more…)

European Auto Execs Meet with Trump, Aim to Head Off Expanded Trade War

VW signals a second U.S. plant is in the works.

by Paul A. Eisenstein on Dec.05, 2018

President Donald Trump met with the leaders of BMW, Daimler and Volkswagen.

Even as President Donald Trump was backpeddling on earlier comments suggesting the trade dispute with China had been defused, the former New York businessman was meeting with European auto industry executives worried that they could become targeted by yet another front in the trade war.

The president has signaled he may enact duties of 25% or more on vehicles imported from Europe, even though his own Commerce Dept. has backed away from plans to declare imported automobiles a threat to national security.

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Trump “shared his vision of all automakers producing in the United States and creating a more friendly business environment,” the White House said in a statement that followed the meeting with officials from BMW, Daimler and Volkswagen. (more…)

Daimler AG Stumbles as Third Quarter Earnings Drop

CEO Zetsche expresses optimism about fourth quarter.

by Joseph Szczesny on Oct.25, 2018

Daimler AG's Dieter Zetsche expressed optimism about the fourth quarter.

Daimler Group earnings declined by 26% during the third quarter as earnings before interest and taxes dropped to 2.5 billion euros from the 3.4 billion posted in the third quarter of 2017.

Daimler’s net earnings of 1.76 billion euros were significantly below the prior-year figure of 2.23 billion euros but Daimler CEO Dieter Zetsche said the outlook for the balance of the year was encouraging.

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“The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter,” Zetsche said. (more…)

Daimler Cuts Earnings Estimates as Outlook Gets Tougher

Mercedes-Benz Cars saw earnings slip, driving new forecast.

by Joseph Szczesny on Oct.19, 2018

Sales of the Mercedes-Benz GLE are off this year as are other models, causing Daimler to revise its earnings forecast downward.

Daimler AG trimmed its earnings outlook for 2018, blaming the rising cost of fines and litigation over the emissions from the company’s diesel engines and a sharp reduction in the earnings by Mercedes-Benz Cars for the expected decline.

“The main factor is an increase in expected expenses in connection with ongoing governmental proceedings and measures in various regions with regard to Mercedes-Benz diesel vehicles,” said as the company revised its financial guidance.

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“Furthermore, against the backdrop of a recent ruling by the European Court of Justice, provisions have been recognized for the potential need to take action on certain vehicles still operating with the previously used refrigerant R134a,” the company said. (more…)

Shake-Up at Daimler Takes Zetsche Closer to Retirement

Ola Kaellenius set to become first non-German ever to run the 132-year-old company.

by Paul A. Eisenstein on Sep.26, 2018

Daimler CEO Dieter Zetsche - shown at the 2018 Detroit Auto Show with Arnold Schwarzenegger after debuting the new G-Class SUV.

Dieter Zetsche, the CEO of Daimler AG, will be moving up, and a step closer to retirement next year when he assumes the job of chairman of the German manufacturer’s Supervisory Board.

Easily recognizable with his brush mustache, Zetsche will turn 66 as he hands day-to-day control over to Ola Kaellenius, currently the director of vehicle development for the Mercedes-Benz brand. A 49-year-old Swede, Kaellenius will become the first non-German to head the company since it was founded 132 years ago.

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“In Ola Kaellenius, we are appointing a recognized, internationally experienced and successful Daimler executive,” said current Daimler Chairman Manfred Bischoff in a statement, adding that “With Dieter Zetsche’s intended appointment as Chairman of the Supervisory Board, we are ensuring continuity for the sustained success of Daimler AG.”

(more…)