Frankfurt — Daimler Trucks shares made their debut in the Frankfurt market on Friday after commercial vehicle manufacturers spun off from Daimler AG.
The split was announced in February and was marketed by both companies as an opportunity to unleash the value of both Daimler truck and Mercedes-Benz passenger car and van owners.
As of 1023 GMT, Daimler Truck shares are trading at € 29.88, above the debut price of € 28. Daimler shares rose 3.7% to € 74.83.
“We are confident that we will create value,” Daimler CEO Ora Caelenius told an emptyer hall in Frankfurt as the number of attendees was limited by pandemic restrictions. ..
“Trucks and cars have different requirements. In this way, we are maximizing the potential of both companies,” he said.
Daimler Trucks is targeting double-digit profit margins for its entire business in 2025, rising from the 2021 forecast of 6-8%, with a particular focus on boosting sales in Europe, which is lagging behind. increase.
At a roundtable with post-listing journalists, Daimler Trucks CEO Martin Daum said that if double-digit goals are achieved, investment in future technology will be prioritized over further profit growth. Stated.
“The fact that we still exist is for two reasons: the company is always profitable and struggling in the meantime, and then we are always investing in the future,” Daum said. Mr. says.
Daimler AG, which will soon be renamed Mercedes-Benz AG, holds a 35% stake in Daimler Trucks and was spun off 65% on Friday. Daimler shareholders received one Daimler truck for every two shares of Daimler they own.
Daimler Trucks is currently the world’s largest commercial vehicle manufacturer in terms of revenue, but its profit margin lags behind competitors such as Traton’s Scania and Volvo Group’s Volvo Trucks.
Its performance is strongest in North America, with adjusted sales of 10.8% so far this year, 7.2% in Asia and only 4.5% in Europe.
Over the next few years, we will focus on raising electric truck sales to 60% of total sales by 2030, including hydrogen and rechargeable models.
Meanwhile, Daimler said in a statement last week that it would allocate € 60 billion to Mercedes-Benz between 2022 and 2026, focusing on electrification, digitization and autonomous driving.
($ 1 = 0.8854 euros)
By Victoria Waldersee and Ilona Wissenbach
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