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Daimler Truck, the world's largest maker of commercial vehicles, began trading on the Frankfurt Stock Exchange on Friday, completing a split-off from Daimler AG.
Watch now: Daimler Truck on electric work trucks
"We are certain we will create value," Daimler AG CEO Ola Källenius said at the Frankfurt Stock Exchange, according to Reuters. "Trucks and cars have different requirements. We are thus unleashing the full potential of both companies."
DTG shares open higher
Daimler Truck shares traded Friday morning at $33.69, up from their opening price of $31.57. Daimler shares, which will be renamed Mercedes-Benz AG next year, traded 14.49% lower at $83.45.
Shares of Daimler Truck, trading under the ticker DTG, likely will be listed on the recently expanded 40-member DAX index as soon as February 2022.
Daimler Truck, which sells under seven brands globally, is targeting double-digit profit margins in 2025 compared to an expected 6-8% this year. Profits are better in North America, where Daimler Truck North America is the market leader with the Freightliner and Western Star brands.
If it hits its margin target, Daimler Truck will invest more in future technologies instead of growing profits, CEO Martin Daum said at a media roundtable after ringing the bell to open trading in Frankfurt.
The company has pledged to be carbon neutral in major markets by 2039. It is pursuing both battery-electric and hydrogen fuel cell powertrains to eventually replace diesel. The initial goal is 60% of trucks running on zero-emission technology by 2030.
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