German auto giant Daimler on Tuesday marked the end of a major shakeup of its operations by rebranding as Mercedes-Benz Group.
The shakeup started a year ago with a decision by the then Daimler board to spin off the company's bus and truck division into the separate company Daimler Truck, whose shares were listed on the Frankfurt Stock Exchange at the end of 2021. The majority of shares were distributed to existing Daimler shareholders, while Daimler itself retained a 35% stake in Daimler Truck.
A separate Daimler Mobility company has also been rebranded as Mercedes-Benz Mobility as part of the shakeup.
In a statement, Mercedes said the decision to change its name from Daimler is to help distinguish it from the new Daimler Truck entity, as well as emphasize its focus on the Mercedes-Benz line of passenger vehicles and vans, as well as future software and mobility services. This is particularly important as the industry undergoes structural changes in the areas of electrification and self-driving capability, the automaker said.
“The renaming to Mercedes-Benz Group AG underlines our renewed strategic focus,” Ola Kallenius, Mercedes' CEO, said in a statement. “In doing so, we want to make clear where we see the core of our company—building the most desirable cars in the world.”
As for Daimler Truck, it remains one of the world's biggest manufacturers of commercial vehicles and has more than 100,000 employees and seven brands serving markets across the globe. Like Mercedes, it's also working on self-driving technology, as well as electric powertrains.