Daimler plans to rename itself Mercedes-Benz to focus on electric vehicles

Daimler has announced that it will rename itself Mercedes-Benz in the not too distant future.

The name change will come as part of a big shift in the company’s structure, which will see Daimler Trucks split off to become a separate business.

As it stands, Daimler AG is the parent company of a variety of different brands, including Mercedes-Benz and its various subsidiaries, as well as truck and bus makers.

However, splitting the truck division off into its own company will allow it to focus on maintaining its position as ‘the world’s largest truck and bus producer’ and work towards building zero-emission vehicles.

The listing of Daimler Truck in Frankfurt is planned to take place at the end of 2021.

Meanwhile, renaming Daimler to Mercedes-Benz will help differentiate the company from the truck division as it focuses on being ‘the world’s pre-eminent luxury car business’, building electric vehicles and new car software.

Ola Källenius, chairman of the board of management of Daimler and Mercedes-Benz, said: “This is a historic moment for Daimler. It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs.

“Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure.”

Daimler says it is in the process of spinning off its truck division and will rename itself Mercedes-Benz ‘at the appropriate time’. Further details of the plan will be confirmed at an extraordinary shareholder meeting in Q3 2021.