The supervisory board of the Tognum, the engine manufacturer is now in the hands of Rolls Royce and Daimler. The two company hold the 98.8% of shares of the company, therefore they now have the power to control the motor manufacturer, with the main person in charge, Andreas Renschler, the head of commercial vehicle division of Daimler. Meanwhile other members of the board are John Paterson, Michael Haidinger and Andrew Heath from Rolls Royce and Stefan Buchner, from Daimler.
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The American Trucking Association started the Management Conference and Exhibition in Dallas, TX on October 15. And in that conference, Daimler Truck North America announced the “Detroit” brand. The Detroit brand, from now on, will be inherent in all powertrain- related truck components. The new diesel engines are complying with the EPA 2010 emissions standard in the US. These engines are DD13, DD15 and DD16 and will have performance from 350 to 600HP. Because of the Daimler BlueTec technology, these engines are the world’s most low-emission and fuel efficient ones. Andreas Renschler, Daimler AG Board of Management member, said, “We will combine all the components of truck powertrains in… Continue Reading »
Daimler and Rolls Royce bought additional shares with a total of .83% from Tognum, taking over 95% of the company. The joint venture, otherwise called as Engine Holding GmbH, reached the the percentage of shares from Tognum which is really considered a milestone. Other than that, the acquisition of Tognum will make Daimler and Rolls Royce the leading provider of complete systems for industrial engines. This step is expected to give the venture a global position in terms of products, solutions and services.
A lot of people in the automotive industry considered this partnership as being the deal of the century. Tognum’s supposed takeover by German automotive manufacturing giant Daimler AG in partnership with Rolls Royce was derailed by an unexpected message from the fellow German company over the weekend. Daimler shares that the duo is planning to extend almost 24 euro for each share of Tognum’s stocks, an amount that is actually already 30 percent higher than Tognum’s closing price in XETRA on March 4, exactly one day before they publicly announced the planned takeover. Tognum’s response, however, was a surprise for everyone involved in the partnership. Management says that the amount… Continue Reading »
Mercedes-Benz USA has announced their August sales of 19,674 vehicles, a boost of 15% for the month, with a 22.2% increase on a yearly basis. These sales include a total of 18,826 passenger cars, light truck vehicles and 848 Sprinter vans. Notable gains remained in both Mercedes-Benz passenger car and light truck classifications. The most substantial performer for the month was the elegant and sporty C-Class, having a sales total of 6,100 (boost of 43.4%). The 9th generation E-Class followed suit by having a sales total of 5,882 for the month (up 25.9%), which resulted in a year to date total of 39,122 (up 70.6%). The all-around vehicle M-Class SUV… Continue Reading »
Not all good things happen in a good way. According to the Egyptian’s cabinet, they are now investigating charges made in a U.S. court that Daimler AG used bribes in order to get business favors in Egypt. This started in the month of March where the U.S. court charged the car maker with violating U.S. bribery laws by abundantly giving foreign officials with millions of dollars and gifts of luxury cars to win business deals. U.S. prosecutors said that this has been happening since 1998 up to the year 2008. In able to reach a settlement, Daimler agreed to pay $185 million to settle charges by the Justice Department and… Continue Reading »
As much as five market analysts predicted that Daimler’s revenues for the first quarter will have a median figure of about $883 million. However, overall revenues for the first quarter breached the $1.5 billion barrier, mostly because of a good showing from its luxury S and E Class cars and a good expense position, according to a Daimler announcement. Consequently, Daimler AG posted a 7.9% surge in trading in the Frankfurt market on the first day of trading for this week. The stock closed at a value of $51.57 at day’s end, the highest it has ever been since 26 September 2008. Daimler also modified its conservative assessment of this… Continue Reading »