Daimler's truck unit spin-off starts trading on the Frankfurt stock exchange

Business
  • Daimler Truck's focus on zero-emission technology will put it in competition with companies like Tesla and Geely, which are also developing electric trucks.
  • Autos giant Daimler slipped around 14% in early deals following the spin-off.

Daimler Truck, a spin-off from the main parent firm Daimler, began trading on the Frankfurt stock exchange on Friday.

Shares of the truck firm opened at 28 euros in its debut, which is considered to be a market listing rather than a full initial public offering.

Daimler Tuck is one of the world's largest commercial vehicle manufacturers and has more than 100,000 employees and 40 production sites.

CEO Martin Daum has previously told CNBC that the manufacturer had to go "straight forward to zero-emission transportation." It's previously laid out plans for zero-emission vehicles to account for "up to 60% of sales" by the year 2030.

The electrification of long-haul, heavy-duty trucks poses its own set of unique challenges.

The International Energy Agency's Global EV Outlook for 2021 has described long-haul trucking as needing "advanced technologies for high power charging and/or large batteries."

Daimler Truck's focus on zero-emission technology will put it in competition with companies like Tesla and Geely, which are also developing electric trucks.

Autos giant Daimler slipped around 14% in early deals following the spin-off.

This is a breaking news story, please check back later for more.

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