Martin Daum, CEO of Daimler Trucks
The recovery of the Chinese and German truck markets will not happen quickly, Martin Daum, outgoing CEO of the world’s largest truck maker, Daimler Truck, said at a press event late Tuesday.
He said he did not expect a recovery in the Chinese truck market this year or next, adding that China was in a deep crisis, according to comments published Wednesday.
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In Germany, Europe’s largest truck market, Daum still sees “no light at the end of the tunnel.”
Daimler Truck wants to double its sales of electric trucks and buses this year to 6,000 vehicles, said Daum, who was replaced on Tuesday by former Scania director Karin Radstrom, the first woman to head the German group.
Daum also stated that focusing exclusively on sales profitability was wrong and that absolute profit was more important to him.
Daimler Truck Supervisory Board Chairman Joe Kaeser has called on the company to reach the 14-15% margins of its competitors Paccar and Volvo, something Daum called a “thought experiment.”
Daimler’s adjusted operating return on sales was 9.9% last year and the company expects to increase it to 12% by 2030.
First published: October 2, 2024 | 21:57 IS
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