|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||14.21 - 14.29|
|52 Week Range||12.63 - 19.69|
|Beta (3Y Monthly)||1.40|
|PE Ratio (TTM)||5.76|
|Forward Dividend & Yield||0.91 (5.57%)|
|1y Target Est||N/A|
FRANKFURT, Germany (AP) — Daimler CEO Dieter Zetsche is handing off to his successor after 13 years at the helm warning that the company will need to cut costs to invest in new technologies that are transforming the industry.
Bidding farewell to the company he led for more than a decade, Daimler AG Chief Executive Officer Dieter Zetsche urged sweeping cost cuts to prepare the carmaker for unprecedented industry upheaval. “Everything is under scrutiny,” Zetsche said Wednesday at the annual shareholder meeting in Berlin, citing costs, investments and the Mercedes-Benz maker’s product range. The walrus-mustached Zetsche, 66, and Chief Financial Officer Bodo Uebber, 59, who is also leaving, turned Daimler from an industrial conglomerate that included holdings in aviation into a company focused on upscale passenger cars and commercial vehicles.
Daimler's outgoing chief executive said on Wednesday that all of the luxury carmaker's costs were under review as he expressed dissatisfaction with the group's profitability as it invests heavily in electric cars. "Everything is under scrutiny: fixed and variable costs, material and personnel costs, investment projects, vertical integration and the product range," Dieter Zetsche said in a statement https://bit.ly/2JWOCn2 ahead of Daimler's annual general meeting in Berlin. "Along with external factors, we are now also feeling the financial effects of the company's transformation," said Zetsche, who is set to hand control to 49-year-old Swede Ola Kaellenius on Wednesday.
Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars: "We have built up the strength we need in order to take on the leading role for the much greater task: the transformation of the automotive industry. Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG, pays tribute to the outgoing Chairman of the Board of Management: "With Dieter Zetsche an exceptional executive is leaving.
Stock markets gained on Tuesday, with chipmakers and companies exposed to Asia among the best performers, after Washington temporarily eased trade restrictions imposed last week on China's Huawei. In Europe, the broader Euro STOXX 600 climbed 0.6%, extending gains earlier in the trading session, with Germany's DAX rising 1.1%, while France's CAC 40 added 0.6%. At the close, China's Shanghai Composite index was up 1.23%, while the blue-chip CSI300 index ended 1.35% higher.
Incoming Daimler boss Ola Kaellenius is working on a cost cut program to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources. Kaellenius, who will take over from Dieter Zetsche after the company's annual general meeting on May 22, has been working for months on a cost cut initiative, dubbed "Move", which is expected to be ready in the summer, the paper said. Daimler declined to comment.
Incoming Daimler boss Ola Kaellenius is working on a cost cut programme to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources. Kaellenius, who will take over from Dieter Zetsche after the company's annual general meeting on May 22, has been working for months on a cost cut initiative, dubbed "Move", which is expected to be ready in the summer, the paper said. Daimler declined to comment.
Moody's has not assigned a rating to the EUR [58.67] million Class B Asset-Backed Fixed Rate and Variable Return Notes due October 2030. This represents the first public securitization transaction of MBFSI but it is part of a larger international funding program. The Reserve Fund will be funded to [1%] of the total Notes balance at closing and the total credit enhancement for Class A Notes will be [11.5]%.
Kapten, the French ride-hailing app backed by Daimler and BMW, has todaylaunched in London, coupled with a feisty ad campaign taking a swipe at Uber'stax arrangements
BUDAPEST (Reuters) - German car maker BMW has assured Hungary it that an investment in a new factory in eastern Hungary is going ahead as planned, the Hungarian government said on Thursday. BMW and sector ...
U.S. stocks traded higher Wednesday, reversing sharp earlier declines, following a report that President Donald Trump may delay a decision to apply tariffs on automobiles imported into the United States for up to six months. Bloomberg News first reported the delay, citing U.S. officials, sending the Dow into positive territory and paring declines for the S&P 500. Trump had been expected to make a decision on the tariffs this weekend, following a report U.S. Commerce Department he received on February 17 that studied whether imported cars and other automotive parts pose a threat to national security under section 232 of the Trade Expansion Act.
The forint fell to its weakest since November on Wednesday after robust first-quarter economic data from Central Europe failed to ease concern over inflation in the region and growth in Europe. Output ...
European stocks continued their decline on Monday, on the heels of this year's biggest weekly loss, as an escalation in the U.S.-China trade war battered sentiment and prompted investors to shift into safer bets. China said it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, chilling risk appetite world over as it hit back at a tariff hike by Washington which came into force on Friday.
Daimler will cut development costs of new Mercedes-Benz cars by a significant amount by 2025 and will intensify alliances with rivals as a way to improve margins, Ola Kaellenius, the future chief executive, said on Monday. "The cost structure of the electric car is above that of the combustion engine car. From where we are now, we need to make a significant step by 2025 in terms of cost," Kaellenius said, declining to provide specific figures.
FARMINGTON HILLS, Mich. , May 13, 2019 /PRNewswire/ -- Jörg Lamparter, Head of Mobility Services, to become Daimler Financial Services AG Board Member, leading newly created Digital and Mobility Solutions ...
Over the next 20 years, Mercedes-Benz Cars aims to have a carbon-neutral new passenger car fleet and aims to have plug-in hybrids or all-electric vehicles to make up more than 50% of its car sales by 2030. Daimler AG is pushing ahead with the transformation to emission-free mobility. Sustainability is one of the key elements of Daimler's corporate strategy and at the same time a benchmark for corporate success.
BAIC told Daimler that it was planning to buy a 4%-5% stake earlier this year, and asked local authorities in Beijing to support the purchase, Reuters cited two of the people as saying. One of the people also said BAIC has begun buying Daimler shares on the open market. BAIC didn’t respond to a Reuters request for comment.
BEIJING/FRANKFURT (Reuters) - China's BAIC Group is seeking to buy a stake of up to 5 percent in Daimler as a way to secure its investment in Chinese Mercedes-Benz manufacturing company Beijing Benz Automotive, three sources familiar with the matter told Reuters. BAIC informed Daimler of its intention to buy a 4-5 percent stake in the German maker of Mercedes-Benz cars earlier this year, two of the three sources said. BAIC has asked local authorities in Beijing to support a 4-5 percent stake purchase, two of these sources said.
The rise of urbanization is forcing the trucking industry to reexamine its business practices as there are major transformational shifts currently affecting the heavy-duty truck market. Fleet Complete is a Toronto-based telematics and driver management software provider with operations in North America, Europe and Australia. Kar said the global population is around seven billion people with nearly 3.5 billion living in cities.
Tesla's faces more challenges as two major European automakers open sales Thursday of their first entries into the long-range EV market.
Daimler's next chief executive will have a tough job to restore margins at Mercedes-Benz, current boss Dieter Zetsche told Reuters on Wednesday, as Mercedes-Benz launched a new luxury electric car to rival Tesla. Zetsche, who bows out as CEO on May 22, said the German luxury carmaker needed to find a way to rebuild margins after research and development (R&D) costs at Mercedes-Benz ballooned. Pressure to develop electric and autonomous cars has led R&D costs at Mercedes-Benz passenger cars to rise to 14 billion euros (£12.5 billion) from around 8 billion euros four years ago, Zetsche said.