Issue: Oct 2014


Daimler restructures cooperation with Tesla



Daimler to continue sourcing powertrain for Mercedes-Benz B-Class Electric Drive from Tesla

by Esther Francis

Daimler AG (stock exchange symbol: DAI) has reorganized its cooperation with Tesla Motors Inc. In this context, Daimler has terminated the share-price hedge it initiated in 2013 and has sold its stake in Tesla of approximately 4%. The cooperation between the partners on the automotive projects is unaffected. Development work for the Mercedes-Benz B-Class Electric Drive is completed, the partnership with Tesla remains in place.

 

"We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner. Together we launched the B-class Electric Drive successfully in the United States this summer. In November, the B-Class Electric Drive will be launched in Europe as well. We are convinced that this powerful electric vehicle for every day use will appeal to a lot of customers," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. Furthermore, the batteries for the first generation of the smart for two electric drive had been from Tesla. The two-seater with electric drive is one of the best-selling electric cars in Germany. "Our partnership with Tesla is very successful and will be continued," added Zetsche.

 

Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling and Financial Services: "We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation. For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base."

 

The sale of Daimler's stake in Tesla will result in a cash inflow of around $780 million, which will be used to strengthen Daimler's operational business. The impact on EBIT for the year 2014 is approximately in the same amount.

 

"We have supported Tesla as a startup company for many years and have learned a lot from Tesla. At the same time, Tesla was able to profit from our automotive expertise. The cooperation with Tesla is one component of our activities in the field of electric mobility. It optimally complements our involvement in Deutsche ACCUmotive," explained Prof. Dr. Thomas Weber, member of the Board of Management of Daimler AG for Group Research & Mercedes-Benz Cars Development.

 

Daimler has the industry's biggest portfolio of electric vehicles, from cars and vans to buses and light trucks: smart electric drive, Mercedes-Benz

 

A-Class E-CELL, B-Class Electric Drive, B-Class F-CELL, SLS AMG Coupe Electric Drive, Vito E-CELL, Mercedes-Benz Citaro FuelCELL-Hybrid, Fuso Canter E-CELL and Freightliner Custom Chassis MT E-CELL All-Electric. Systematic hybridization is also a fixed element of Daimler's powertrain strategy. In 2014, Mercedes-Benz sold more automobiles with hybrid drive than all other German manufacturers combined. The focus will continue to be on plug-in hybrids in the coming years. By the year 2017, Mercedes-Benz Cars will launch ten new plug-in hybrid models in all market segments.

 

Daimler initially acquired a 9.1% interest in Tesla in May 2009. 40% of that investment was transferred to Aabar Investments PJSC in the context of a joint strategic project in July 2009. Tesla has been listed on the stock exchange since the end of June 2010. As a result of capital increases at Tesla, Daimler's stake in the company decreased to around 4%, without affecting the two companies' strategic cooperation or joint development projects.

 

About Daimler

Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance and innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, Daimler continues to shape the future of mobility today: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal to and fascinate its customers. For many years now, Daimler has been investing continually in the development of alternative drive systems with the goal of making emission-free driving possible in the long term. So in addition to vehicles with hybrid drive, Daimler now has the broadest range of locally emission-free electric vehicles powered by batteries and fuel cells. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities on five continents. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz, the brands smart, Freightliner, Western Star, BharatBenz, Fuso, Setra and Thomas Built Buses. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2013, the Group sold 2.35 million vehicles and employed a workforce of 274,616 people; revenue totaled EUR118.0 billion and EBIT amounted to EUR10.8 billion.

 



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