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Tag: Daimler

  • Mercedes-Benz to recall 2.6 million cars in service in China

    Mercedes-Benz to recall 2.6 million cars in service in China

    Mercedes-Benz will recall 2.6 million cars in service in China due to possible problem with automatic emergency call system, DPA reports.

    The software may not be able to correctly communicate the location of the vehicle in the event of an accident, Chinese authorities said.

    The issue can be solved by updating the automatic emergency call system software.

    Daimler representatives confirmed the recall, but did not specify how many vehicles were affected.

    Last month, 1.29 million Mercedes-Benz cars were recalled for service in the United States for a similar reason.

  • EasyPark to buy Park Now app from Daimler and BMW

    EasyPark to buy Park Now app from Daimler and BMW

    Daimler and BMW announced on Tuesday that they want to sell their joint Park Now application to Swedish rival EasyPark, Reuters reports.

    The application allows customers to search and pay for parking spaces.

    Park Now is part of the joint venture established in 2019 and has five axes, including smartphone route management, parking reservation and a charging service for electric vehicles.

    The financial details of the transaction were not disclosed.

  • Daimler is investing 141 million euros in Hungary to make an electric model

    Daimler is investing 141 million euros in Hungary to make an electric model

    Daimler AG will start production of the EQB compact electric SUV in Hungary in Q4 2021, after an investment of 50 billion forints (141 million euros), MTI and Reuters reports.

    The Hungarian government is backing investment in the Kecskemet plant in central Hungary, which ”will cement the future of more than 4,400 jobs” with a grant of 15 billion forints, said Hungarian Foreign Minister, Peter Szijjarto.

    The EQB SUV will be the first all-electric model made in Hungary, whose economy is dependent on the car industry, with German luxury brands Mercedes, BMW and Audi building or expanding factories in the country.

    This year, BMW postponed the construction of its plant near Debrecen by several months, due to the effects of the coronavirus pandemic (Covid-19). BMV also plans to produce fully electric vehicles in Hungary.

  • Mercedes-Benz to increase its stake in Aston Martin

    Mercedes-Benz to increase its stake in Aston Martin

    Mercedes-Benz announced on Tuesday that by 2023 it will gradually increase, up to 20%, its stake in Aston Martin, becoming one of the largest shareholders of the British luxury car manufacturer.

    Daimler will speed up technical cooperation with Aston Martin, which will gain access to the next generation of Mercedes-Benz’s hybrid and electric propulsion systems, as well as other automotive components.

    This transaction is part of the recovery strategy developed by Aston Martin CEO Tobias Moers, a former head of Mercedes-AMG.

    After this, the German company will have the right to nominate a non-executive director to the Aston Martin Board.

    In Q3 2020, Aston Martin reported pre-tax losses of 32 million euros, compared to a profit of 47 million euros in the same period in 2019.

  • Daimler, 644.300 vehicles sold and €37,2 billion revenue in Q1 2020

    Daimler, 644.300 vehicles sold and €37,2 billion revenue in Q1 2020

    • Daimler sold 644,300 vehicles (Q1 2019: 773,800);
    • Revenue of €37.2 billion (Q1 2019: €39.7 billion);
    • Group net profit of €168 million (Q1 2019: €2,149 million);
    • Industrial net liquidity of €9.3 billion (end of 2019: €11.0 billion).

    Daimler AG total unit sales decreased by 17% to 644,300 passenger cars and commercial vehicles (Q1 2019: 773,800) due to the global spread of the coronavirus. Revenue slipped slightly by 6% to €37.2 billion (Q1 2019: €39.7 billion).

    First-quarter EBIT was €617 million (Q1 2019: €2,798 million). Adjusted EBIT, reflecting the underlying business, was €719 million (Q1 2019: €2,310 million).

    Daimler investments

    Daimler’s investments in property, plant and equipment in the first quarter totaled €1.6 billion (Q1 2019: €1.7 billion). Research and development expenditure amounted to €2.4 billion (Q1 2019: €2.4 billion).

    The free cash flow of the industrial business was minus €2.3 billion (Q1 2019: minus €2.0 billion) and was particularly influenced by the global effects of the pandemic. The adjusted free cash flow of the industrial business was minus €1.9 billion (Q1 2019: minus €2.0 billion), which is still influenced by high upfront investments in future products.

    Divisional results

    Sales by the Mercedes-Benz Cars & Vans division decreased by 16% to 546,700 vehicles in the first quarter (Q1 2019: 652.400). Revenue was €23.2 billion (Q1 2019: €24.1 billion).

    Sales by Mercedes-Benz Cars slipped by 15% to 470,600 vehicles in the first quarter (Q1 2019: 555.300). Mercedes-Benz Vans’ sales were down 22% to 76,200 vehicles (Q1 2019: 97,000).

    Daimler Trucks & Buses division showed a decrease in unit sales of 20% to 97,600 vehicles in the first quarter (Q1 2019: 121,400). Revenue was €8.7 billion (Q1 2019: €10.2 billion).

    Sales by Daimler Trucks fell by 20% to 92,500 vehicles in the first quarter (Q1 2019: 115,900). Daimler Buses sold 5,100 vehicles (Q1 2019: 5,500) – a decrease of 8%.

    At Daimler Mobility, new business decreased by 7% to €16.2 billion in the first quarter (Q1 2019: €17.3 billion). Contract volume was €159.6 billion at the end of the quarter (December 31, 2019: €162.8 billion). Revenue was €7.1 billion (Q1 2019: €6.9 billion).

  • Daimler signs €12 billion loan facility agreement

    Daimler signs €12 billion loan facility agreement

    • Daimler is increasing its financial flexibility with a further loan facility agreement in the amount of €12 billion.
    • This is in addition to the existing €11 billion revolving credit facility with a term until 2025 including extension options.
    • The additional loan facility can be utilized within a 12-month period with two extension options of six months.

    The loan facility was agreed with the four lenders BNP, Banco Santander, Deutsche Bank and JPMorgan. The further credit line creates an additional liquidity buffer in addition to Daimler’s already strong liquidity and financial flexibility.

    At the end of 2019, Daimler had gross liquidity of approximately €24 billion in its industrial business.

    Daimler successful issued a €1.5 billion five-year benchmark bond.