Daimler announces top management changes

Daimler announces top management changes

Truck giant Daimler has announced some high-profile changes in the managements of its Asian entities - Daimler India Commercial Vehicles (DICV) and Mitsubishi Fuso Truck & Bus Corp (MFTBC).

Marc Llistosella, the current managing director and chief executive of Daimler India has been moved to Trucks Asia & DICV as head of its marketing, sales & after-sales business. He will keep on reporting to Daimler Trucks Asia chief Albert Kirchmann, who is also the president & CEO of MFTBC.

Daimler India lays foundation stone for bus manufacturing plant

Daimler India lays foundation stone for bus manufacturing plant

Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of German auto giant Daimler AG, on Thursday laid the foundation stone for a new bus manufacturing & assembling facility in Chennai.

The upcoming manufacturing facility, which will be set up at the company's existing site of Oragadam plant near Chennai, will produce both intra-city and inter-city (luxury and premium) buses.

The Indian arm of Daimler AG has plans to produce two different sets of buses under two different brands, viz. Bharat Benz and Mercedes Benz, to compete with existing competitors.

Daimler to hire 800 professionals in Indian R&D facility

Daimler to hire 800 professionals in Indian R&D facility

Daimler AG, owner of renowned brands like Mercedes-Benz cars and Daimler Trucks, has announced its plans to hire 800 professionals in its new R&D facility in India.

Bangalore-based Mercedes-Benz Research & Development India (MBRDI), which is the automotive giant's biggest facility outside its headquarters in Germany, currently has 1,200 professionals. Of the total, 1,200, the Bangalore-based facility has a headcount of 1,060, while the Pune facility has 140.

The company said that the headcount would be increased to 2,000 in the next three years.

Daimler says no dividend for 2009 as the company reported loss in Q4 as well in FY 2009

DaimlerDaimler AG, World's second largest luxury car maker, announced on Thursday, that there will be no annual dividend for the year 2009 as the company posted an unexpected loss in the fourth quarter of FY 2009 ended December.

Daimler, the manufacturer of famous Mercedes Benz brand, reported a net loss of _352 million while in the same period last fiscal the company reported a loss of _1.53 billion. The company blamed the higher cost of credit for the weak quarterly performance.

Daimler Hero signs MoU with TN Government for setup of manufacturing plant

Daimler Hero Commercial Vehicles, the joint venture between Germany’s Daimler and the Munjals-promoted Hero Group has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, for the setup of its manufacturing plant in Chennai.

The plant will initially make trucks under a new brand name for the Indian market and later for export as well. The company expects that the plant will start producing as many as 70,000 trucks by 2010. The plant would provide direct employment to about 3,000 people.

Daimler, Hero JV Receives Approval From Govt

The Union Cabinet on Thursday has given sanction to the Rs. 1,650-crore investment by Germany’s Daimler AG on its planned joint venture with the Hero group for manufacturing commercial vehicles.

Daimler will hold the major stake of 60% in the JV, which envisages a total equity infusion of Rs 2,750 crore by the partners.

The JV will design, create and sell commercial vehicles of above two tonnes for Indian plus abroad markets.