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Daily Newsletter

15 August 2023

Daily Newsletter

15 August 2023

Chairman named temporary Daimler Truck CFO

Former CFO Goetz reportedly died from a wasp sting

Graeme Roberts August 14 2023

The Daimler Truck supervisory board has named management board chairman Martin Daum temporary CFO following the sudden death of Jochen Goetz on 5 August.

The truck maker has stuck to the 'tragic incident' line without elaboration but German newspaper Bild [in German] reported recently Goetz died from a wasp sting. He reportedly carried an emergency kit in case of such an event.

Daimler Truck said a consulting agency had been assigned to a search for a replacement CFO.

High upfront costs could be detrimental towards the growth of the off-highway EV market

The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData estimates. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.

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