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July 24, 2019

Renamed Daimler finance unit books good Q2 numbers

Daimler Financial Services was renamed Daimler Mobility on 24 July though financing, leasing, insurance and fleet management continue to be core business.

By Olly Wehring

Daimler Financial Services was renamed Daimler Mobility on 24 July though financing, leasing, insurance and fleet management continue to be core business.

The mobility business division is a strategic investor in mobility services plus flexible service offers like Mercedes-Benz Rent (car rental) and Mercedes me Flexperience (a subscription product).

As part of Project Future, Daimler Mobility is one of the three legally autonomous units under Daimler, alongside Mercedes-Benz and Daimler Truck.

Chairman Franz Reiner said: "We finance mobility. We insure mobility. We develop flexible solutions such as rental and subscription models. And we are an active shareholder in several innovative mobility services. The new name takes full account of this spectrum. We also offer our customers mobility solutions through joint ventures with partners such as the BMW Group and the Geely Group Company."

Since the start of mobility joint ventures in February 2019, the companies established jointly by Daimler and BMW "have developed very positively".

By 30 June, 75m people had used the mobility services of the five joint ventures for ride hailing, car sharing, on-demand mobility and multimodality, parking and charging. By the end of the second quarter, 269m transactions had been concluded with the services of the joint venture companies.

Companies affiliated with the Daimler Mobility business division, such as the foreign Mercedes-Benz Financial Services companies and Mercedes-Benz Bank will continue to operate as before.

Daimler has reported second quarter 2019 results.

Daimler Financial Services Q2 new business was almost flat at EIR18.4bn (Q2 2018: EUR18.3bn). Revenue was 9% higher at EUR7.1bn (EUR6.6bn). Division EBIT rose to EUR431m (EUR66m), an increase of 553%. At 12.5%, return on equity was above last year's 2.1%. The division expects 17% to 19% in 2019.

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