With net cash at year end of 17.9 billion euros, CEO Ola Kallenius said the company had the resources to develop the electric cars and digitalized products and services that are transforming the industry: “We proved our ability to generate substantial cash flow and to drive the ongoing transformation on our own - even under the adverse circumstances of a pandemic.”
Cost controls, luxury sales help Daimler weather pandemic
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CEO Ola Kallenius said the decision was made because the businesses of making luxury cars and heavy trucks and buses “have very different structures.” He said that two companies each focused on their core business would be more flexible and make decisions faster as they cope with technological change.
Daimler to spin off trucks, change name to Mercedes-Benz
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