Daimler Financial Services AG to Become Daimler Mobility AG

Stuttgart, Jul 26, 2018
  • Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services: "Daimler Financial Services AG will be called Daimler Mobility AG starting 2019. This is because in our business division we finance mobility, we insure mobility, and with the new name we make a strong statement with respect to the future of mobility."
  • 23.5 million customers around the world already use Daimler's mobility services.
  • Klaus Entenmann, Chairman of the Board of Management of Daimler Financial Services: "We are pushing forward the transformation towards becoming a mobility provider at full speed. It is expected that the revenue in this market will reach a significant three-digit billion dollar volume in the next decade and beyond. Daimler will play a crucial role in this regard."

Stuttgart – Daimler Financial Services AG is planning to rename itself Daimler Mobility AG in the first half of 2019. The business division Daimler Financial Services with around 13,000 employees already represents the Daimler group's mobility portfolio with services such as car2go, moovel and mytaxi/Intelligent Apps*. As many as 23.5 million customers around the world used these and other Daimler mobility services in June. The company is also involved in digital mobility services such as Flixbus, Taxify, Turo and Via.

Daimler Financial Services further increased its new business in the second quarter of 2018. Worldwide, 501,000 new leasing and financing contracts were concluded with a total volume of €18.3 billion, which is 2% more than in the prior-year period. Daimler Financial Services’ portfolio included more than five million vehicles at the end of June; this is equivalent to a contract volume of €146.7 billion and thus growth of 5% compared with the end of 2017. In the insurance business, Daimler Financial Services brokered 579,000 contracts in the second quarter of this year (+11%).

"We finance mobility, we insure mobility and with the new name, we are also making a strong statement with respect to the future of mobility. Financial services remain a fundamental element of our business division," said Bodo Uebber, member of Daimler AG's Board of Management responsible for Finance & Controlling and Daimler Financial Services. 

Project Future: More Flexible and Focused Units

With its various business models, the business division Daimler Financial Services has developed from a provider of vehicle financing into an integrated mobility provider in recent years. Its portfolio ranges from finance, leasing and insurance, to digital solutions for the processing of payments (Mercedes pay), as well as various different app-based services including moovel, car2go and mytaxi. 

"Renaming of Daimler Financial Services AG in Daimler Mobility AG underscores our transformation of our business division into a mobility services provider," said Klaus Entenmann, Chairman of the company's Board of Management. "Our mobility services are now used by 23.5 million customers. It is expected that the revenue in this market will reach a significant three-digit billion dollar volume in the next decade and beyond. Daimler will play a crucial role in this regard." 

The changes are part of Project Future - the group's strategic reorientation.

Other entities of the business division Daimler Financial Services, e.g. Mercedes-Benz Bank in Europe, Mercedes-Benz Financial Services USA and Mercedes-Benz Auto Finance China, among others, will remain unchanged part of the business division and maintain their own brand names, which they have successfully established in the markets. 

Daimler Mobility AG plays a crucial role in CASE

The future Daimler Mobility AG will play a crucial role as part of Daimler's CASE strategy. With fully electric fleets from car2go, customers in cities such as Madrid, Amsterdam and Stuttgart can already experience electric mobility as offered by Daimler. In the second half of 2019, Bosch and Daimler will offer customers a shuttle service with automated vehicles on selected routes in a Californian metropolis. Daimler Mobility Services, a unit of the business division Daimler Financial Services, is envisaged as the operator of this test fleet and the app-based mobility service. The pilot project will demonstrate how mobility services such as car sharing (car2go), ride-hailing (mytaxi) and multi-modal platforms (moovel) can be intelligently connected to shape the future of mobility. 

23.5 million customers: Mobility services grow rapidly

Daimler Financial Services’ mobility portfolio with car2go, moovel and mytaxi/Intelligent Apps* had approximately 23.5 million customers at June 30, 2018. The number of transactions in the second quarter totaled 42.4 million in more than 110 cities worldwide. That represents growth of 61% compared with the prior-year period. 

car2go had 3.2 million users around the world at the end of June (23% YoY). moovel has grown 71% in comparison to the same period last year (5 million customers). With the strategic realignment in the ride-hailing segment, the mytaxi/Intelligent Apps* providers count a total of 15.3 million customers between them (70% YoY). 

Subject to the agreement of the competition authorities, Daimler Financial Services will integrate these highly dynamic services to the planned mobility joint venture with BMW in the future. At the end of March, Daimler and BMW announced a strategic joint venture. 

*: Ride-Hailing Group: mytaxi and Intelligent Apps GmbH with beat, Clever Taxi and Chauffeur Privé.

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Daimler Financial Services AG to Become Daimler Mobility AG
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Daimler Financial Services AG to Become Daimler Mobility AG
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