FILE - In this Feb. 4, 2016 record photograph a Daimler logo is fixed astatine the beforehand of a conception car connected the juncture of the company's yearly property league successful Stuttgart, Germany. Shareholders successful Daimler AG, shaper of Mercedes-Benz luxury cars, person an bonzer online gathering Friday, Oct. 1, 2021, connected the spinoff of the company's motortruck business. (AP Photo/Michael Probst, file)

FILE - In this Feb. 4, 2016 record photograph a Daimler logo is fixed astatine the beforehand of a conception car connected the juncture of the company's yearly property league successful Stuttgart, Germany. Shareholders successful Daimler AG, shaper of Mercedes-Benz luxury cars, person an bonzer online gathering Friday, Oct. 1, 2021, connected the spinoff of the company's motortruck business. (AP Photo/Michael Probst, file) (Copyright 2016 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.)

FRANKFURT – Shareholders successful Daimler AG, shaper of Mercedes-Benz luxury cars, connected Friday approved the spinoff of the motortruck part arsenic a abstracted company.

The determination is intended to springiness the division, including U.S.-based Freightliner, the state to respond rapidly to changing markets and absorption connected the caller technologies that are transforming the automotive industry.

The voting astatine an online shareholder gathering Friday besides means that Stuttgart-based Daimler volition rename itself arsenic Mercedes-Benz Group AG arsenic of Feb. 1, 2022.

Daimler CEO Ola Kallenius said that "by unlocking the afloat imaginable of some companies, we are establishing 2 undisputed innovation leaders who volition acceptable the gait successful the translation of their industries.”

One crushed for the spinoff is that the luxury cars and trucks are pursuing antithetic technological approaches to processing zero section emanation vehicles, with Mercedes-Benz focusing connected battery-powered cars portion the motortruck concern is processing hydrogen powered vehicles for long-haul transport. The determination is intended to fto the abstracted companies marque faster, much autarkic decisions successful a rapidly shifting situation and service chiseled lawsuit bases.

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The institution says luxury cars and large trucks are fundamentally antithetic businesses. The Mercedes-Benz car part sells a luxury merchandise to well-heeled consumers, portion the motortruck part sells big-ticket goods to businesses focused connected the instrumentality connected their investment. Splitting the 2 businesses will, Daimler hopes, trim what it calls a conglomerate discount — meaning the 2 companies would beryllium worthy much separately than they are together.

Daimler Truck is investigating the GenH2 long-haul motortruck which uses liquid hydrogen to make electrical powerfulness from a substance cell; the conveyance could beryllium acceptable for usage by 2027 if the hydrogen substance infrastructure is ready. Hydrogen trucks volition beryllium needed due to the fact that expanding numbers of electrical vehicles enactment much unit connected the energy grid arsenic tougher emanation standards successful Europe aimed astatine warring clime alteration mandate larger numbers of electrical cars. “Europe needs a hydrogen economy,” said Daimler Truck CEO Martin Daum.

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Daimler Truck includes Freightliner trucks made successful Cleveland, North Carolina, Mt. Holly, North Carolina and Santiago Tianguistenco, Mexico, arsenic good arsenic its North American office and styling and trial centers successful Portland, Oregon.

The spinoff was approved by 99.9% of represented capital, and the renaming by 99.9%, with 56.4% of stock superior represented astatine the meeting.

Shareholders successful Daimler are to get 1 stock successful Daimler Truck Holding AG for each 2 shares they hold, giving them 65% of the caller company. Daimler volition support a number involvement of 35%. The institution expects that the listing volition instrumentality spot aboriginal this twelvemonth connected the Frankfurt Stock Exchange.

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.