DAI.F - Daimler AG

Frankfurt - Frankfurt Delayed price. Currency in EUR
49.40
+0.19 (+0.40%)
At close: 7:32PM CET
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Previous close49.20
Open49.50
Bid49.40 x 250000
Ask49.51 x 250000
Day's range48.83 - 49.50
52-week range40.35 - 59.90
Volume7,125
Avg. volume12,791
Market cap53B
Beta (3Y monthly)1.58
PE ratio (TTM)13.06
EPS (TTM)3.78
Earnings dateN/A
Forward dividend & yield3.25 (6.61%)
Ex-dividend date2019-05-23
1y target estN/A
  • Reuters - UK Focus

    UPDATE 1-Aston Martin not actively pursuing new investors as opens SUV plant

    Aston Martin, which was reported this week to be the target of Canadian billionaire Lawrence Stroll, said it was not actively pursuing new investors on Friday as it opened a new factory to build its first sport utility vehicle. As some in the global car industry turn to partnerships, alliances or mergers to handle the challenge of electrification, new technology and tighter margins, Autocar magazine reported on Thursday that Stroll, the owner of Formula One team Racing Point, is preparing to buy a major stake in Aston. The British automaker's new factory in south Wales holds the key to ending a poor performance this year from Aston, whose shares have tumbled 75% this year on weaker-than-expected sales.

  • Reuters - UK Focus

    Aston Martin CEO says shareholders in it for the long-term, not soliciting participation

    Aston Martin's two major shareholders are in it for the long term and the company is not actively soliciting participation, the firm's boss said on Friday after a media report said Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake. "They look to the long term," Andy Palmer said of the company's biggest owners.

  • Reuters - UK Focus

    Aston Martin opens new factory to build key first SUV

    Aston Martin opened a new factory in Wales on Friday which will build the British automaker's first sport utility vehicle, key to its hopes of a turnaround after a poor performance this year sent shares tumbling. Aston launched its DBX model last month, hoping that more female buyers will help boost sales after a year in which it has so far posted a pre-tax loss due to weaker-than-expected demand for its sports cars, particularly in Europe. The St Athan site near Cardiff in south Wales is the 106-year-old firm's second car plant after its existing site in Gaydon, central England.

  • For Aston Martin, 2020 Is No Time to Die
    Bloomberg

    For Aston Martin, 2020 Is No Time to Die

    (Bloomberg Opinion) -- For the many hedge funds betting against Aston Martin, a takeover bid for its parent company is a dreaded specter. Thursday brought the trailer for such a scenario, with Britain’s Autocar magazine reporting that motor-racing mogul Lawrence Stroll could acquire a controlling stake in Aston Martin Lagonda Global Holdings Plc.With no formal announcement, despite a 20% share-price jump, some caution is warranted. But if you think the historic sports-car maker will escape its current troubles, now would be the time for a predator to buy.Aston has become a binary bet on its new DBX luxury sports utility vehicle. The company has taken on vast and expensive debts in developing the car. But worries over whether it could deliver on time are abating: Marketing began last month and full production is scheduled for the second quarter of next year. Darker macro clouds maybe lifting too. Sterling’s recent rally suggests hope for greater U.K. political stability and perhaps a clearer sense of where Brexit is heading. Rising stocks hint that trade-war fears may be easing. It helps too that there’ll be a new James Bond movie, stuffed with Aston Martins, just when the DBX comes out.Now consider the dynamics of Aston’s shareholder register. There are three big strategic shareholder blocks: Kuwaiti investment funds, the Italian private-equity group Investindustrial Advisors SpA and German automaker Daimler AG. The Kuwaitis have been selling down since last year’s initial public offering. Any aspiring buyer would knock on their door first, but their shares alone wouldn’t confer control. If Stroll wanted real influence, he’d have to make an offer to all shareholders, probably having lined up Kuwaiti support in advance.It’s not clear who else might want to sell given that a bid at, say, 650 pence a share — roughly 30% above Wednesday’s close — would still be 66% below the IPO price. Investindustrial might want to hang on. Either way, any offer now would rest on tricky scenario planning. Whether the DBX succeeds or flops, Aston will probably want to cut its excessive debt by selling new shares to raise equity. Assuming some existing investors — notably the Kuwaitis — weren’t willing to inject more money, that capital increase would provide a natural opportunity for Stroll to step into their shoes.Of course, if DBX sales really take off, Aston’s share price would fly too. Perhaps better to move now with prices depressed than to wait and see. If Stroll gets a big stake, that will also raise questions about Aston’s strategy, which is based on launching seven new vehicles, with each one generating revenue to fund the next. Right now, the focus is on getting the DBX to market and managing cash as tightly as possible. Shareholders who exit via an offer won't need to worry. But those who wish to stay invested will want to know whether a new partner with a background in motor racing has other ideas.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Timothy Lavin at tlavin1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 2-Billionaire Lawrence Stroll seeks big stake in Aston Martin - report

    Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the luxury sports car maker's battered shares up 17% on Thursday. Aston Martin, the drive of choice for fictional British secret agent James Bond, has seen its shares slump since its flotation in October 2018 as sales have failed to meet expectations.

  • Tesla Competitor NIO Launches Another SUV in China
    Bloomberg

    Tesla Competitor NIO Launches Another SUV in China

    (Bloomberg) -- Cash-strapped electric-car upstart NIO Inc. is introducing its third sport utility vehicle, a streamlined model aimed at spurring demand in China’s slowing EV market.NIO didn’t disclose the price for the electric SUV coupe, which comes with a panoramic-view window and is set to compete against vehicles such as the Mercedes-Benz GLC Coupe and Tesla Inc.’s Model Y. NIO’s existing models are the ES8 and ES6 SUVs, and the EP9 performance car.“Coupes fall in a niche market in China and it’s really hard to position this kind of product,” said Yale Zhang, managing director of Shanghai-based consultancy AutoForesight. “But if they only aim at selling hundreds of cars a month, it should be fine.”The unprofitable carmaker is battling an unprecedented slump in Chinese auto sales, including electric vehicles, as the country’s economy cools. The company also faces intensifying competition from the likes of Tesla and Daimler AG just as some investors scrutinize its funding situation.Backed by technology giant Tencent Holdings Ltd., NIO sought $200 million from founder William Li and a Tencent affiliate -- though hasn’t clarified whether the investment has been completed -- and has also reduced its workforce. U.S. shares of NIO have dropped more than 60% since the company’s initial public offering in New York last year.By the end of the third quarter, NIO had cut its staff to 7,800 from 9,900 in January. Having burned through more than $5 billion in four years, the company failed in an attempt to get local government funding, according to media reports.China’s EV sales have slumped for four consecutive months, while the overall auto market is down in 16 of the 17 past months. That’s impacting fundraising for EV startups in China, according to rival XPeng Motor. China is raising its 2025 sales target for electrified cars as the government tries to spur the industry.(Updates with government sales target in seventh paragraph)To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville Heiskanen, Angus WhitleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Carmakers Shed 80,000 Jobs as Electric Shift Upends Industry
    Bloomberg

    Carmakers Shed 80,000 Jobs as Electric Shift Upends Industry

    (Bloomberg) -- It’s turning out to be one of the worst years ever for auto workers across the globe amid shrinking demand and a tectonic shift in vehicle technology, with Daimler AG and Audi announcing almost 20,000 job cuts in just the past week.All told, carmakers are eliminating more than 80,000 jobs during the coming years, according to data compiled by Bloomberg News. Although the cuts are concentrated in Germany, the U.S. and the U.K., faster-growing economies haven’t been immune and are seeing automakers scale back operations there.The German companies joined General Motors Co., Ford Motor Co. and Nissan Motor Co. in massive retrenchments put in motion over the past year. The industry is sputtering as trade tensions and tariffs raise costs and stifle investment, and as manufacturers reassess their workforce in an era of electrification, autonomous driving and ride-on-demand services.The global auto industry will produce 88.8 million cars and light trucks this year, an almost 6% drop from a year ago, according to researcher IHS Markit. German auto-industry lobby VDA on Wednesday predicted that the decline will continue next year, forecasting global deliveries of 78.9 million vehicles, the lowest level since 2015.The pace of job cuts in the home of Mercedes-Benz, Porsche and BMW is expected to be “more pronounced in 2020,” VDA President Bernhard Mattes said at a press conference in Berlin, adding that the technology shift alone could lead to the loss of 70,000 jobs over the next decade.“A fundamental structural change with enormously high investments at a time of deteriorating market dynamics -- the tension is being felt at many companies,” said Mattes.Cuts are also being carried out in China, which employs the largest number of people in the industry and has been mired in a sales slump. Electric-vehicle startup NIO Inc., which has lost billions of dollars and watched its New York-listed shares plummet, dismissed about 20% of its workforce by the end of September, shedding more than 2,000 jobs.“The persistent slowdown in global markets will continue to dent automakers’ margins and earnings, which have already been hurt by increased R&D spending for autonomous-driving technology,” said Gillian Davis, an analyst with Bloomberg Intelligence. “Many automakers are now focused on cost-saving plans to prevent margin erosion.”Being an early leader in electrification hasn’t spared Nissan, which has been in turmoil since the arrest of former Chairman Carlos Ghosn a year ago.With profits plumbing decade lows, the Japanese automaker is shedding 12,500 positions in the coming years, mostly at factories across the globe, to reduce costs as it rushes to refresh an aging model lineup. A redesigned version of the battery-powered Leaf, which debuted later than planned because of the loss of the company’s longtime leader, isn’t giving the company much of a boost this year.Factory-floor workers have been rising up against the retrenching. GM’s more than 46,000 U.S. hourly workers staged a 40-day-long strike this fall — the longest against the company in almost half a century — but managed to coax the company into keeping open only one of the four American factories it made plans to shutter a year ago.On Nov. 22, about 15,000 people marched in the streets to protest job cuts and factory closures in Stuttgart, the German city that’s home to the global headquarters of Daimler, Porsche and major parts supplier Robert Bosch GmbH.Protesters in the historic downtown square of Schlossplatz wore red scarfs, blew whistles and waved red flags in support of Germany’s powerful labor union IG Metall, which organized the demonstrations. Top union officials who represent workers at Mercedes-Benz, Audi and many parts makers claim the companies are using the shift toward EVs as an excuse to push through deeper cuts and boost profits.“We don’t let our jobs be taken away just because some managers haven’t done their homework,” Roman Zitzelsberger, the regional head of IG Metall in the state of Baden-Wuerttemberg and the worker representative on Daimler’s supervisory board, told the crowd.The job concerns proved to be justified. Audi announced a week later it will eliminate as many as 9,500 positions in Germany through 2025 as parent Volkswagen AG prepares for a costly transition to electric vehicles. Daimler announced plans to shed more than 10,000 worldwide.If it were a country, the auto industry would be the world’s sixth-largest economy, according to Fircroft, a technical job-placement firm. In Germany alone, when including local operations of foreign manufacturers, about 150,000 jobs might be at risk in coming years, according to estimates by the Center of Automotive Management, near Cologne.The clouds started to form for U.S. carmakers last year, when Ford revealed plans for a years-long, $11 billion restructuring. The company has made a series of piecemeal announcements since then, slashing roughly 10% of its global salaried ranks and shutting six plants: three in Russia and one apiece in the U.S., U.K. and France. Of roughly 17,000 jobs Ford is eliminating, 12,000 will be in Europe.The state of car-factory jobs in the U.S. is less clear, mainly thanks to the new contracts Detroit-area automakers have been negotiating for the next four years.The prospects looked somewhat bleak for the United Auto Workers union when talks began this summer. With vehicle demand slowing, production shifts were being pared back across the country — by Nissan at its truck-and-van plant in Mississippi, Fiat Chrysler Automobiles NV at its Jeep Cherokee SUV factory in Illinois and Honda at an Ohio plant that mostly makes Accord sedans. Workers fear plug-in cars, which have fewer parts and require less labor to build, will doom auto jobs.In the end, the UAW has announced commitments by GM, Ford and Fiat Chrysler to invest almost $23 billion in U.S. facilities over the course of the next four years, and to add or retain more than 25,000 jobs. While that sounds like a lot, it remains to be seen whether the spending will actually boost production. It costs the companies billions to convert or retool existing factories for them to make new cars and powertrains.The union also didn’t emerge without some bruising losses, with the most notably being its lost battle to save GM’s spacious car plant in Lordstown, Ohio. The factory, opened in 1966, became a political football when the company announced production of Chevrolet Cruze sedans would end in March. President Donald Trump told supporters a year and a half earlier not to sell their homes, assuring them his administration would bring jobs back. GM sold the complex to cash-strapped electric-truck startup Lordstown Motors Corp. last month.For Scott Brubaker, GM’s offloading of the Lordstown plant could be a one-way ticket out of the auto industry. The automaker transferred him to its Corvette sports-car plant in Bowling Green, Kentucky, which meant leaving an Ohio farm his family has owned for four generations.The idling of the factory left him with two options: live in his camper trailer in Bowling Green and commute home on weekends, or take a $75,000 severance check from GM and find a new job near Lordstown. He has an offer to work for a company clearing land for developers, but it pays $5 an hour less than GM, and he says it would cost him his pension. Lordstown Motors is still raising money for its electric trucks, and Brubaker has his doubts it will succeed.“I went to GM for good pay and benefits,” Brubaker said. “What we did in the plant we did successfully, and GM still pawned us off.”(Adds comments from German auto lobby beginning in fourth paragraph)\--With assistance from Kristie Pladson, Keith Naughton, Gabrielle Coppola, Craig Trudell, Cécile Daurat and Chris Reiter.To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net;David Welch in Southfield at dwelch12@bloomberg.net;Anurag Kotoky in New Delhi at akotoky@bloomberg.netTo contact the editors responsible for this story: Emma O'Brien at eobrien6@bloomberg.net, Reed Stevenson, Michael TigheFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung
    Reuters

    Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung

    Daimler's workforce in Germany will bear the brunt of 1.4 billion euros (1.20 billion pounds) in cost cuts planned by the end of 2022, the head of the carmaker's works council told a newspaper. "Two thirds of the sum are to be saved in Germany," Michael Brecht told Stuttgarter Zeitung. Daimler said on Friday it would cut at least 10,000 jobs worldwide over the next three years, following others in the industry seeking savings to invest in electric vehicles and to cope with weakening sales.

  • Germany's Car Jobs Boom Comes to a Screeching Halt
    Bloomberg

    Germany's Car Jobs Boom Comes to a Screeching Halt

    (Bloomberg Opinion) -- After a week in which Daimler AG and Volkswagen AG’s Audi announced thousands of job cuts, it’s easy to forget that the German car industry once seemed unassailable.The 2009 recession forced a massive downsizing of America’s auto giants. General Motors Co. and Chrysler filed for Chapter 11 bankruptcy protection; Ford Motor Co. escaped a similar fate only by cutting its workforce to the bone. By contrast, Volkswagen, BMW AG and Daimler’s Mercedes-Benz overcame the crisis with barely a scratch. Afterwards they took full advantage as wealthy Chinese splurged on luxury German vehicles. Germany’s carmakers and their suppliers went on a hiring spree at home and abroad.There were early signs of hubris: Volkswagen paid its chief executive officer 17.5 million euros ($19.3 million) in 2011. But Germany’s powerful trade unions made sure workers benefited too. In recent years production line staff at BMW and VW’s Porsche subsidiary took home almost 10,000 euros as an annual bonus. BMW spends an average of more than 100,000 euros per employee on salary, pension and social security costs, according to its annual report. Now that jobs boom has come to a screeching halt, and not before time. An industry facing unprecedented upheaval can’t afford such largess.The chief reason for the belt-tightening is, of course, the vast cost of moving beyond combustion engines. Volkswagen expects to spend an astonishing 60 billion euros on hybrid, electric and digital technology in the next five years. Doing this requires the hiring of even more people, but the products they’re developing aren’t always big money spinners yet.For a time, the industry will have to provide a full range of propulsion options. For their factories this means “peak complexity” — to borrow a phrase from Mercedes’s management. Eventually, however, many of these factory workers will become unnecessary because electric motors are much simpler to build than diesel and gasoline engines. Last week's job cuts won’t be the last.The German industry has been caught out too by an unexpected slowdown in demand. Continental AG, the supplier that’s cutting 20,000 jobs, expects production to stagnate over the next five years. Daimler said last month that sales haven’t matched its production capacity. Audi’s domestic plants are reportedly particularly under-utilized, not helped by the popularity of SUVs over sedans (the former tend to be built overseas).Volkswagen, BMW and Daimler will still generate about 24 billion euros of net profit this year, according to analysts polled by Bloomberg. But the era of 10% operating profit margins — long a benchmark for German luxury carmakers — is over. Mercedes thinks 4% is more realistic next year.The automakers therefore have to tackle their bloated fixed costs. In view of its spending commitments, Volkswagen was unwise to let its workforce swell to almost 700,000. That’s about 80% more than Japan’s Toyota Motor Corp., which builds a similar number of cars (though Volkswagen has a big truck unit too).Volkswagen’s labor expenses have crept higher as a percentage of sales since the last recession. Doubtless this reflects the influence of the German unions and hence it’ll be very difficult to rectify. Like their peers, German employees at the Volkswagen brand have job guarantees until 2029.Ultimately the German car jobs boom was a bet that demand would increase, combustion engines would have a long life and global trade would remain encumbered. Instead, the electric shift is happening faster than expected and Trump’s tariff crusades have turned the German industry’s global production presence into a liability.Cars are superfluous for many young people today, and if they do buy one it will soon have a simple electric motor, not a combustion engine made of hundreds of intricate components. The hiring practices of German carmakers look like a bubble that’s burst.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters - UK Focus

    Motor racing-Hamilton not ruling out a Ferrari switch

    Six times world champion Lewis Hamilton did not deny meeting Ferrari chairman John Elkann when asked on Sunday about speculation linking the Mercedes driver with a move to the Italian team in 2021. The next deal will probably be Hamilton’s last in Formula One and he has said he is considering options outside of Mercedes, where team principal Toto Wolff’s future is also up in the air. "What happens behind closed doors is always private with whoever it is you end up sitting with," Hamilton said in response to a question about Italian media reports that he had twice met Elkann.

  • Nokia says working to end patent licensing row with Daimler, others
    Reuters

    Nokia says working to end patent licensing row with Daimler, others

    Nokia said on Friday it was working to end a row with Germany's Daimler and other firms which have complained to the EU antitrust regulators about the level of fees charged for technology patents from the Finnish company. Sources familiar with the matter told Reuters the Finnish telecoms equipment maker had submitted a proposal for resolving the patent licensing fee row, but did not give details. The offer could pre-empt any move by the European Commission to open an investigation and remove the threat of fines if the firm was found to be abusing its position.

  • Reuters - UK Focus

    Motor racing-Ferrari happy to hear Hamilton could be available in 2021

    Ferrari principal Mattia Binotto sang Lewis Hamilton's praises on Friday, fuelling speculation that the Italian team could seek to sign the six times Formula One world champion for 2021. "Lewis is certainly an outstanding driver, a fantastic driver," Binotto told reporters at the season-ending Abu Dhabi Grand Prix when asked if he would like to sign Mercedes' Briton.

  • Daimler to axe at least 10,000 jobs in latest car industry cuts
    Reuters

    Daimler to axe at least 10,000 jobs in latest car industry cuts

    Daimler said on Friday it will cut at least 10,000 jobs worldwide over the next three years, following others in the industry as they cut costs to invest in electric vehicles while grappling with weakening sales. "The automotive industry is in the middle of the biggest transformation in its history," Daimler said in a statement. Daimler, the owner of Mercedes-Benz, revealed the 3% cut in its workforce after reaching an agreement on its plans with labour unions.

  • Reuters - UK Focus

    UPDATE 3-Daimler to axe at least 10,000 jobs in latest car industry cuts

    Daimler said on Friday it will cut at least 10,000 jobs worldwide over the next three years, following others in the industry as they cut costs to invest in electric vehicles while grappling with weakening sales. It marks the third announcement on cost cuts this week by a major German car company as automakers seek to fund huge investments into cleaner and self-driving technologies while demand in China, their biggest market, is falling and a trade war between Washington and Beijing is curbing economic growth. "The automotive industry is in the middle of the biggest transformation in its history," Daimler said in a statement.

  • Daimler to ax at least 10,000 jobs in latest car industry cuts
    Reuters

    Daimler to ax at least 10,000 jobs in latest car industry cuts

    Daimler said on Friday it will cut at least 10,000 jobs worldwide over the next three years, following others in the industry as they cut costs to invest in electric vehicles while grappling with weakening sales. It marks the third announcement on cost cuts this week by a major German car company as automakers seek to fund huge investments into cleaner and self-driving technologies while demand in China, their biggest market, is falling and a trade war between Washington and Beijing is curbing economic growth. "The automotive industry is in the middle of the biggest transformation in its history," Daimler said in a statement.

  • Reuters - UK Focus

    INSIGHT-Feuding Korean firms risk disrupting electric car battery supplies

    In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.

  • Bloomberg

    SoftBank-Backed Uber Rival Ola Begins Signing Up London Drivers

    (Bloomberg) -- One day after Uber Technologies Inc.’s future in London was cast in doubt, rival Ola said it had started signing up drivers in London on Tuesday and will start service in the city within weeks.Ola had been expected to begin its London business before the end of the year, but the company now expects a January launch, according to a person with direct knowledge of the matter who didn’t want to be named discussing private plans.The Indian ride-hailing company, backed by SoftBank Group Corp., said it already served “millions” of customers in other U.K. cities since its rollout last year, including Liverpool, Birmingham and Bristol.The company held “constructive conversations” with local authorities and would be “fully compliant” with rules set by transit authority Transport for London, Simon Smith, Ola’s international head, said in a statement Tuesday.Market leader Uber was banned from London on Monday by TfL over concerns about customer safety, after its app was shown to be vulnerable to drivers faking their identities. The company said it will appeal, but the decision gave competitors an opportunity to muscle in on the negative attention.In its statement, Ola said it would launch in London with driver facial recognition technology and systems to “eliminate misrepresentation.” Uber said Monday it would also bring a facial recognition system to London, but didn’t say when. Ola, owned by ANI Technologies Pvt, is also Uber’s biggest rival in India.The company won’t be short of competition for riders in the lucrative U.K. market. Daimler AG-backed Bolt, formerly known as Taxify, relaunched in London in June around the same time French private-hire limousine operator Kapten started service in the British capital. Rival Wheely relocated its headquarters from Moscow to London earlier in the year.Still, Ola should be Uber’s biggest concern, according to analysts at Morgan Stanley. If reports are accurate, Bolt has only raised around $190 million to $280 million in funding so far, compared with the $3.8 billion Ola is said to have racked up, analysts led by Brian Nowak said in June.“We believe Ola is arguably a greater threat if media reports of Ola’s entry into London at the end of the year prove accurate,” the analysts said at the time.To contact the reporter on this story: Nate Lanxon in London at nlanxon@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • China's BAIC willing to increase Daimler holding after 5% stake buy - sources
    Reuters

    China's BAIC willing to increase Daimler holding after 5% stake buy - sources

    BEIJING/FRANKFURT (Reuters) - Daimler's main Chinese joint venture partner BAIC Group has signalled its intention to increase its stake in the German luxury car manufacturer, sources briefed on the matter said, after it built up a 5% Daimler holding in July. Officials at BAIC's listed company, BAIC Motor Corp Ltd , said at investor conferences in mid-October that "both sides are willing to increase stakes in the other", responding to questions about future relationship between BAIC Group and Daimler, the sources said. Daimler said in a regulatory filing on Friday that HSBC held 5.23% in Daimler's voting rights directly as well as through instruments such as equity swaps as of Nov 15.

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