“Awakening” and “milestone”: Daimler Truck hailed the listing as the beginning of an era. The company wants to become more profitable. One major problem remains, however.
Daimler and the split-off truck manufacturer Daimler Truck are now going their separate ways on the stock exchange. Daimler Truck made its debut on the Frankfurt Stock Exchange on Friday.
CEO Martin Daum spoke of a historic day: the truck and bus business was independent and listed for the first time in 125 years. “Today a new era begins for us,” added Daimler CEO Ola Källenius.
Daimler Truck, with more than 100,000 employees, is from its own point of view the world’s largest manufacturer of trucks and buses. He was removed from the Daimler Group at the beginning of the month.
The share started at 28 euros and climbed to a good 30 euros. Investors received a portion of the split-off company for every two Daimler shares. Daimler’s papers were quoted cheaper than the day before. CEO Daum commented that the starting course was within the expected range. The actual course will probably only settle at the beginning of next year. The paper is to be listed permanently in the Dax stock market index at the beginning of 2022.
Daimler Truck CFO Jochen Goetz made it clear that the supply bottlenecks for microchips are likely to have serious effects in the coming year as well. “The shortage in the industry is still there,” he said. “If we didn’t have any bottlenecks in the semiconductor industry, we would see really excellent years in 2021 and 2022.” The low point for the chip bottlenecks was probably reached between July and the end of September. The demand for vehicles in Europe and North America – the most important markets for the company – is very good.
Consent also from the employee side
The split in Daimler is seen as positive in many cases. The group has recognized that “the car and truck business no longer have anything in common,” commented NordLB analyst Frank Schwope. The employee side at Daimler had also approved of the setup with two independent companies.
CEO Källenius said the split should “release the full potential of both companies and create decisive added value for all sides”. He had already announced that he would profile Mercedes-Benz as a luxury brand in automobiles. “We are fully focused on building the most desirable cars in the world and taking the lead in electromobility and vehicle software.” On February 1, the car company is to be renamed Mercedes-Benz Group AG.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
