Daimler AG (DMLRY) is a multinational automotive company headquartered in Stuttgart, Baden-Württemberg, Germany. The company was founded in 1926 by the merger of Benz & Cie and Daimler Motoren Gesellschaft.
Today, this car manufacturer is one of the world’s largest luxury car manufacturers and the largest commercial vehicle manufacturer. Daimler has approximately 300,000 employees worldwide and revenues of more than 200 billion U.S. dollars, because the company produces a variety of automobiles under many brands and operates the financial services sector worldwide.
- Daimler AG is one of the largest luxury car manufacturers and the largest commercial vehicle manufacturer.
- The company has many brands and a financing unit called Mercedes-Benz Bank.
- Mercedes-Benz is known for its luxury cars and is a subsidiary of Daimler AG.
- Freightliner, Thomas Built Buses, Detroit Diesel and Smart Automobile are also part of Daimler.
- In 2020, Daimler was forced to pay US$2.2 billion for cheating on the emission requirements of the Clean Air Act.
In 1886, the original founders Gottlieb Daimler and Karl Benz created the world’s first gasoline-powered car-the Mercedes-Benz patented car. The first Mercedes car was launched in 1901. The Mercedes-Benz automotive division is mainly known for its high-end car series, producing various models such as A-class and B-class, SUV, roadster, coupe, convertible and S-class luxury sedans.
Mercedes-Benz also sells trucks, buses, buses and bus chassis mainly in Western Europe, Asia and Latin America. In addition, the company also produces a series of commercial work vehicles under the Sprinter brand. In 2020, Forbes Ranked Mercedes-Benz as the 23rd most valuable brand in the world, with sales of more than $121 billion and 167,000 employees.
Daimler AG acquired Freightliner, an American truck manufacturer, in 1981. The company is headquartered in Fort Mill, South Carolina, and operates as Daimler Trucks North America LLC. The company is mainly known for its heavy duty 8 diesel trucks (commonly known as semi trucks) and also produces smaller 5-7 class trucks. At the same time, the Cascadia Evolution model leads the long-distance road product lineup.
Thomas built the bus
Thomas Built Buses was founded in 1916 as a tram company and later became one of the largest bus manufacturers in the United States. This status has continued to this day. The company is headquartered in High Point, North Carolina, and was acquired by Daimler AG from the Thomas family in 1998. Thomas Built provides a full range of schools, childcare, activities, professional and energy-saving buses. It is the first bus manufacturer to produce conventional C-type school buses fueled by compressed natural gas (CNG), as well as buses fueled by propane.
Daimler’s Smart Car is an automobile manufacturer based in Boblingen, Germany. It manufactures and sells mini cars and small cars, mainly Fortwo and Forfour models. Mercedes collaborated with the Swiss watch manufacturer Swatch Group in the 1970s to design Smart. The name Smart is the abbreviation of Swatch Mercedes Art, the company launched the first model of the brand in 1998. These cars are manufactured all over Europe, and their electric and gasoline models are sold all over the world.
Headquartered in Stuttgart, Mercedes-Benz Bank is a wholly-owned subsidiary of Daimler Financial Services, Daimler’s global financial services provider. This universal bank (mainly engaged in automobile financing and leasing business) was established in 2001 in the name of DaimlerChrysler Bank and obtained a banking license in 2002. It was renamed Mercedes-Benz Bank in 2008 and now has more than 1,500 employees and 1 million customers.
In 2020, Daimler was forced to pay US$2.2 billion after being found cheating on the emission requirements of the Clean Air Act.
The Detroit Diesel Engine Company was established in 1938 as the diesel division of General Motors (GM), producing heavy and mid-range diesel engines, transmissions, axles, security systems, and telematics products for the trucking industry. Daimler AG acquired the company in Detroit in 2000. It now has more than 2,000 employees in six manufacturing plants across the United States. Parts are distributed through a network of more than 800 service outlets in North America and three global distribution centers.
Daimler AG is one of the largest automobile manufacturers in the world and owns several well-known brands of cars, trucks and buses. It is also a financial company through its ownership of Mercedes-Benz Bank.
Frequently Asked Questions of Daimler AG
Who is the CEO of Daimler AG?
Ola Källenius became Chairman of the Daimler Management Board on May 22, 2019. According to Daimler’s website, this role is equivalent to the CEO.
Who is the largest shareholder of Daimler AG?
56.7% of Daimler’s shares are owned by institutional investors such as hedge funds and pension funds. Chinese investor Li Shufu owns 9.7% of the shares through Tenaciou3 Prospect Investment Limited, a holding company. Kuwait’s sovereign savings fund holds 6.8% of all shares, and retail investors control 20.3%.
What is Daimler’s emissions scandal?
The Daimler emission scandal was an illegal attempt to falsify the emission tests of Mercedes-Benz cars between 2009 and 2016. According to the “Clean Air Law”, automobile exhaust must strictly limit the emission of nitrogen oxides and other harmful chemicals. Daimler was found to have coded cheating software into some of their diesel vehicles so that they would produce less nitrogen oxide gas during emission testing. This trick allowed Daimler to sell 250,000 cars that would otherwise fail the inspection.
After the scandal came to light in 2020, Daimler was forced to pay US$1.5 billion to various government agencies and US$700 million to car owners.
Does Daimler own shares in Tesla?
Daimler once held shares in Tesla. In 2009, Daimler purchased a 9% stake in Tesla for $50 million and sold it in the following years. In 2014, they sold the remaining 4% of the shares for $780 million.