Daimler launches new corporate structure
4 November 2019
The Daimler Group launched its new corporate structure as planned on November 1, 2019. The separation of the car and van and the truck and bus businesses to two new subsidiaries took effect at the end of October with their respective entries in the commercial register.
Three legally independent stock corporations now operate under the parent company Daimler AG: Mercedes-Benz AG is responsible for Mercedes-Benz Cars & Vans. All Daimler Trucks & Buses activities are conducted at Daimler Truck AG. Daimler Financial Services, which has been legally independent for many years, was renamed Daimler Mobility AG in July. In addition to its longstanding business with vehicle financing and fleet management, Daimler Mobility is also responsible for mobility services. With these three subsidiaries, Daimler is strengthening its customer focus and increasing the Group's agility. Daimler AG continues to be the only listed company. As the parent company with approximately 6,000 employees, it will be responsible for governance, strategy and control functions, and will provide Group-wide services.
Mercedes-Benz AG and Daimler Truck AG are German stock corporations subject to codetermination and are based in Stuttgart. As required by law, the supervisory boards of the two companies will each comprise 20 members, ten representing the shareholders and ten representing the employees.
Mercedes-Benz AG controls the global business of Mercedes-Benz Cars & Mercedes-Benz Vans with approximately 175,000 employees worldwide. Mercedes-Benz AG focuses on the development, production and sale of cars and vans and on the provision of related services. Mercedes-Benz AG is one of the largest manufacturers of premium automobiles.
Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG: "Two years ago, we launched Project Future to initiate a forward-looking structural transformation at Daimler, with three independent entities under one roof. Our new structure makes us more focused and competitive to ensure a successful transformation to the mobility of the future with our sustainable business strategy. It is crucial that we focus on our customers and inspire them with exciting and innovative products and technologies."
Daimler Truck AG is responsible for the global truck and bus business. Approximately 100,000 employees worldwide develop, produce and market products and services from Daimler Trucks & Buses. With its subsidiaries, Daimler Truck AG is one the world's largest manufacturer of commercial vehicles.
Martin Daum, Chairman of the Board of Management of Daimler Truck AG: "Our customers are at the focus of everything we do: We work for all who keep the world moving. We can only be successful if we make our customers successful – and we do this with products that combine two things: local market requirements and our globally leading technologies."
Daimler Mobility AG is responsible for the Daimler Mobility division with 13,000 employees worldwide and is active for the entire Daimler Group as a provider of financing, leasing, insurance and fleet-management services. Daimler Mobility already finances and leases every second vehicle from Daimler AG worldwide and plans to further increase this proportion.
Franz Reiner, Chairman of the Board of Management of Daimler Mobility AG: "We offer our customers unique and flexible mobility services. As an independent entity, we have been contributing to the success of the Daimler Group for many years in close cooperation with the vehicle divisions. This entrepreneurial freedom is extremely important for the transformation we are driving together."
About Project Future
Daimler has spent two years preparing intensively for the new structure and has allocated its entire worldwide business to the various divisions. In October 2017, the first preparatory measures were initiated to bundle the Group's car and van business as well as its truck and bus business into two legally independent entities. Following the most comprehensive due diligence in the company's history, the Board of Management and the Supervisory Board of Daimler AG approved the new Group structure in July 2018. The separation into independent companies required for the new structure was approved by the shareholders at the Annual Shareholders' Meeting in May 2019 with an overwhelming majority of 99.75%. With very few exceptions, approximately 130,000 employees were transferred to the two new companies Mercedes-Benz AG and Daimler Truck AG within the framework of a legally regulated transfer of operations. These employees have guaranteed job security until the end of 2029 ("Safeguarding the Future 2030").
Further information from Daimler is available at:
www.media.daimler.com and www.daimler.com
This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates and tariff regulations; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.
Daimler at a Glance
Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's largest producer of trucks above 6 tons. Daimler Financial Services provides financing, leasing, fleet management, investment products and brokerage of credit cards and insurance, as well as innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility. The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from hightech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study, 10/4/2018), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services' brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services and Daimler Truck Financial. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2018, the Group sold 3.4 million vehicles and employed a workforce of around 298,700 people. Group revenue amounted to €167.4 billion. Group EBIT amounted to €11.1 billion.