The German automobile company Daimler AG was renamed Mercedes-Benz Group AG. The only change for shareholders will be the change of the ticker symbol from DAI to MBG. The company’s shares will continue to be listed on the German DAX stock market index.
“The name change as Mercedes-Benz Group AG underlines our renewed strategy. We want to continue the legacy of our founders by taking the lead in electric vehicles and automotive software,” the press release said.
Electric vehicle production will be expanded
Ola Kallenius, chairman of the board of directors of Daimler AG, has mentioned these plans before. The name change was part of an extensive restructuring in which the Daimler truck and bus division was transformed into a separate company called Daimler Truck AG. Mercedes-Benz Group AG will focus on the production of passenger cars and light commercial vehicles. In addition, it is aimed to expand the production of electric vehicles.
In the last 12 months, Daimler AG’s value has increased by 40% to reach 74 billion euros ($82.4 billion). Auto sales fell in the third quarter of 2021 due to the global chip shortage. At the end of the year, Daimler AG lost its leadership in luxury car sales to its rival BMW AG for the first time since 2015.
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