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.