Stuttgart auto titan Daimler to spin off truck unit by year end, says CFO Wilhelm



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Stuttgart auto titan Daimler to spin off truck unit by year end, says CFO Wilhelm

Daimler AG, the Stuttgart-headquartered German multinational automotive Goliath, has been en route to spin off its truck unit, Daimler Truck - the world’s largest manufacturer of heavy vehicles such as buses and trucks - by end-2021, the auto industry giant’s Chief Financial Officer had said in an interview with a German weekly newspaper Automotilewoche published on Sunday.

Aside from that, Harald Wilhelm, the Chief Financial Officer of Daimler AG, said in an interview with Automobilwoche, “We are right on schedule with the detailed preparations for this complex project and want to float Daimler Truck on the stock exchange as an independent company by the end of this year.

We are convinced of the industrial logic and benefits of the planned realignment of Daimler and the spin-off of Daimler Truck”. Nonetheless, while being asked over the issue, a spokesman for Daimler AG, the maker of Mercedes-Benz, had been quoted saying that the automaker had no further comment regarding the subject-matter.

Daimler AG sets to spin off Truck unit

In point of fact, latest remarks from Daimler AG CFO came forth as the German carmaker had announced in February this year that it would be spinning off its truck unit in order to enhance investors’ appeal as a more focused luxury and electric car business, as Daimler AG’s Mercedes-Benz has been set to challenge a swathe of e-vehicle manufacturers ranging from market leader Tesla to BMW to sports car maker Porsche.

On top of that, the German weekly had also quoted an LBBW analyst Frank Biller as saying that Daimler Truck, the heavy vehicle production line of Daimler AG, would likely to be added into Frankfurt’s DAX index or blue-chip companies as early as by next March.