Tag Archives: Daimler AG
Daimler Shutting Down Maybach Brand
This past week Daimler announced that they are shutting down the Maybach brand. The problem is that Mercedes built the Maybach without building a Maybach brand and the car did not provide a good enough reason to spend $450,000 on personal transportation. A lot of people did not know what a Maybach was and some people actually asked whether it was a customized S-class when it was displayed in showrooms.
(more…)
Categories Daimler AG, Maybach
Leave a comment
Daimler AG To Pay $185 Million Over Bribery Criminal Complaint
Daimler AG will be paying a $185 million file to resolve civil and criminal charges involving bribery to 22 governments across the globe over 10 years according to a source with the Detroit News. A criminal complaint was filed at a U.S. District Court in Washington. The Justice Department charged Daimler with violating the Foreign Corrupt Practices Act. Daimler earned $50 million in profits around the time the violation took place. As a result, Daimler will be paying $93.6 million in penalties to the Justice Department and $91.4 million to the SEC. [Detroit News]
Categories Daimler AG
Leave a comment
Daimler Hopes To Offload Tata 5.34% Ownership On-The-Cheap
Word on the street is that Daimler is trying to sell their 5.34% share in Tata Motors for cheap. The company is hoping to sell the ownership at a price that is about 4-7% below the close of Monday’s stock price. This way they can raise about $429 million. Tata’s stock price has risen about 19% since February 26 as sales for Jaguar and Land Rover has recovered. [TruthAboutCars]
Categories Daimler AG, Tata Motors
Leave a comment
Daimler Invests In Tesla For 10% Equity, Investment Worth “Tens Of Millions”
The automotive manufacturing company behind Mercedes-Benz, Daimler AG spent “tens of millions” of dollars to buy 10% equity of Tesla Motors. Tesla, based in San Carlos has been working with Daimler for quite some time to improve battery technologies.
Daimler has already been selling an electric automobile called the Smart Car. Tesla was the company that provided the batteries and chages for the Smart Car.
Daimler used to own Chrysler after merging in 1998. Nine years later, Daimler sold Chrysler to Cerberus Capital Management.
Tesla is best known for building a roadster that costs over $100,000. Last March the company announced a more affordable Model S electric sedan that costs about $57,400. The Model S is able to get 160-300 miles on a single charge.
Earlier Tesla had attempted to raise $100 million in funding, but settled for $40 million from previous investors. The partnership will also give Tesla access to Daimler’s “engineering production and supply chain expertise,” stated Tesla Chairman and CEO Elon Musk. Herbert Kohler, VP of Daimler’s electric-drive systems will be joining the board of Tesla.
Musk was a co-founder of PayPal which sold to eBay for $1.5 billion. Before that Musk sold a company to Compaq and merged a company with Confinity. Musk is also the CEO and CTO of SpaceX.
[via LAT]
Categories Daimler AG, Elon Musk, Herbert Kohler, Tesla Motors
4 Comments