Daimler's trucks, luxury cars to go their separate ways

Daimler's truck and luxury car businesses are going their separate ways

FRANKFURT, Germany -- Shareholders in Daimler AG, maker of Mercedes-Benz luxury cars, on Friday approved the spinoff of the truck division as a separate company.

The move is intended to give the division, including U.S.-based Freightliner, the freedom to react quickly to changing markets and focus on the new technologies that are transforming the automotive industry.

The voting at an online shareholder meeting Friday also means that Stuttgart-based Daimler will rename itself as Mercedes-Benz Group AG as of Feb. 1, 2022.

Daimler CEO Ola Kallenius said that "by unlocking the full potential of both companies, we are establishing two undisputed innovation leaders who will set the pace in the transformation of their industries.”