Daimler AG Is No More As Mercedes-Benz Group AG Officially Launches Today
The parent company running all of Mercedes-Benz’s passenger vehicle brands has officially changed its name today, from Daimler AG to Mercedes-Benz Group AG.
The change follows the announcement in October that the German automaker would split its trucking business and its passenger vehicles business into two separate entities. Daimler Trucks, which counts Freightliner, Fuso, Western Star, and others among its many brands, started trading on the Frankfurt Stock Exchange late last year.
Mercedes-Benz Group AG is made up of the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach, and Mercedes-EQ. As a result of its name change, its stock exchange symbol will change from “DAI” to “MBG.”
“The renaming to Mercedes-Benz Group AG underlines our renewed strategic focus,” said Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG. “In doing so, we want to make clear where we see the core of our company—building the most desirable cars in the world.”
In addition to the parent company, Daimler Mobility AG is also being renamed Mercedes-Benz Mobility AG. The company offers mobility services for passenger vehicles and vans.
Daimler made the decision to split itself up at an Extraordinary General Meeting on October 1 where it received overwhelming shareholder approval. It chose to do so to free each side of the business to operate in the way that best served it.
“Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths, and capital needs,” said Källenius following the meeting. “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.”
Mercedes-Benz Group AG still holds a minority stake in Daimler Truck Holding AG, and shareholders in the original company were given an extra share of the newly formed trucking company.
Mercedes-Benz was created in 1926 following the merger of companies run by Carl Benz and Gottlieb Daimler. The company traces its roots back to 1886, though, to the dawn of the automotive age. “The Mercedes star has always been a promise for the future: Changing the present in order to improve it,” said Källenius. “We want to continue this legacy of our founders by taking the lead in electric mobility and vehicle software.”