During a press conference, Joe Kaeser, Chairman of Daimler Trucks' Supervisory Board, announced that the Group is preparing for a downturn in industrial vehicle sales. This statement coincides with the announcement of a new CEO, with Karin Rådström set to take over the role from October 1, 2024.
As stated by the company earlier in July, Daimler Trucks experienced a 15% drop in global sales during the second quarter of 2024 compared to the same period last year, reaching 112,195 units sold. The Mercedes-Benz Trucks division, which operates primarily in Europe and Latin America, saw a 22% decrease in sales, while the Group also recorded a 22% decline in Asia. On a more positive note, sales of electric commercial vehicles surged by 69%, although volumes remain marginal compared to diesel-powered models.
Joe Kaeser expressed concern over the expected decline in demand. The manufacturer is considering extending reduced working hours to cope with the potential drop in volumes, and some employees at the large Woerth plant have already been placed on short-time work, akin to Germany's furlough scheme. The appointment of Karin Rådström comes in this context, as the company faces challenges in the European market.
Rådström's youth (she is 45) and her extensive experience at the helm of Mercedes-Benz Trucks, particularly in the transformation of road transportation, work in her favor. Kaeser emphasized that this transformation, which includes electrification, hydrogen combustion, and changes to the service model, will take at least five years to fully materialize.
Karin Rådström is the second woman to become CEO of a company listed on Germany's DAX40 stock index, comprising the country's most highly capitalized companies. Despite her young age, Rådström has a wealth of experience in the commercial vehicle sector, having started her career at Scania. She joined the Daimler Truck Board of Management in 2021 and has since been responsible for Mercedes-Benz Trucks, where she has been credited with improving customer service and increasing profit margins.
