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Daimler AG DDAIF

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Morningstar’s Analysis

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Daimler Updates Investors on Battery Electric Vehicle Strategy; Maintaining EUR 83 FVE

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat rated Daimler’s Mercedes-Benz car and van group provided investors with an update to its battery electric vehicle strategy through 2030 and announced the acquisition of axial e-motor maker Yasa to bring the technology in-house for its AMG performance brand. Last year, management said that it expected Mercedes to have a 25% sales volume mix of plug-in hybrid electric vehicles and BEVs by 2025 and 50% in 2030. The company now expects 50% mix of PHEV and BEV by 2025. By 2030, Mercedes plans to be able to produce up to 100% fully electric models. The 3-star rated shares of Daimler currently trade at a 14% discount to our EUR 83 fair value estimate.

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Company Profile

Business Description

Based in Stuttgart, Germany, Daimler makes premium passenger vehicles, commercial trucks and vans, and buses. Brands include Mercedes-Benz, AMG, Maybach, Freightliner, Western Star, Fuso, Thomas Built, BharatBenz, Setra, and Orion. Daimler Mobility provides the company's dealers and its customers with vehicle financing as well as mobility services in ride hailing, car sharing, and charging. Daimler owns 3.0% each of Renault and Nissan, 11.9% of Aston Martin, 15.0% of Russian truck maker Kamaz, and 9.6% of Beijing Automotive Group. Li Shufu, chairman of Chinese automaker Geely Automobile, owns 9.7% of Daimler. Other major shareholders include Kuwait Investment Authority at 6.8%, Beijing Automotive group at 5.0%, and Nissan at 1.5%.

Mercedesstrasse 120
Stuttgart, BW, 70372, Germany
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 289,643