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Outgoing Daimler Truck CEO sees no recovery in China and Germany
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Outgoing Daimler Truck CEO sees no recovery in China and Germany
Oct 2, 2024 10:46 PM

MUNICH, Oct 2 (Reuters) - A recovery in Chinese and

German truck markets will not come quickly, Martin Daum, the

outgoing CEO of the world's biggest truck maker Daimler Truck

, told a press event late on 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 remarks published on Wednesday.

In Germany, Europe's largest truck market, Daum still saw

"no light at the end of the tunnel".

Daimler Truck wants to double its electric truck and bus

sales this year to 6,000 vehicles, said Daum, who was replaced

by former Scania manager Karin Radstrom as of Tuesday, the first

woman at the helm of the German group.

Daum also said that a pure focus on sales returns was wrong

and that absolute profit was more important for him.

Daimler Truck's supervisory board Chairman Joe Kaeser has

called on the company to catch up with the margins of 14-15% at

competitors Paccar ( PCAR ) and Volvo - something

that Daum called a "thought experiment".

Daimler's adjusted operating return on sales was 9.9% last

year, and the company expects to raise it to 12% by 2030.

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