Germany – Having brought you the preliminary results earlier this year, Daimler Truck AG based in Leinfelden-Echterdingen, Baden-Württemberg, announced decreased sales in 2024, with 460,409 trucks and buses sold compared to a record 526,053 in 2023, a 12% decrease. Revenues were down EUR 1.2 billion in 2024 posting EUR 54.1 billion (2023: EUR 55.9 billion). Adjusted Group EBIT in 2024 declined by 14.97% to EUR 4,667 million compared with EUR 5,489 million in the previous year. The Supervisory Board of Daimler Truck Holding AG has proposed a dividend payment of EUR 1.90 per share.

The company is navigating a mixed market environment with notable strengths in North America and Latin America, but facing headwinds in Europe and Asia. Despite a slowdown compared to a record 2023, the company claims to have laid important groundwork for future growth and operational resilience. This will be a massive undertaking for the recently appointed CEO Karin Rådström, who succeeded Martin Daum late last year.

Key segments

Among the individual segments, Mercedes-Benz Trucks experienced the steepest decline, selling 126,477 units in 2024, a drop of 32,034 units compared to 158,511 units sold in 2023. Revenue for the segment also fell by 12%, from EUR 21.6 billion in 2023 to EUR 19.1 billion in 2024.

Daimler Trucks North America sold 190,428 units in 2024, 2% less than the previous year (195,014), generating EUR 23,781 billion in 2024 (2023: EUR 23,492 billion), a decrease of 2%.

The Trucks Asia segment sales fell by 22% with 2024 sales figures of 125,234 (2023: 161,171 units). This segment generated EUR 6,111 billion in 2024, a 13% decrease from 2023 figures of EUR 7,060 billion. The company said this was as a result of increased competition in the Asian trucking market.

Daimler Buses recorded a strong sales result of 26,646 buses, an increase of 2% from the 2023 figures (26,168). This segment grew by a remarkable 15% in revenue, with record figures generating EUR 5,247 billion compared to EUR 4.566 billion in 2023.

Finally, the financial services segment was responsible for EUR 3,334 billion in 2024 revenue, 25% more than the 2023 figures of EUR 2,674 billion.

Operational Highlights

Amplify Cell Technologies, the joint venture between Paccar, Accelera by Cummins, Daimler Truck, and EVE Energy has begun construction on a USD 2–3 billion battery cell manufacturing facility in Marshall County, Mississippi. The two-million-square-foot plant, located near Byhalia, will span 500 acres and is scheduled to open in 2027. It will produce up to 21 gigawatt hours (GWh) annually of lithium-iron-phosphate (LFP) battery cells, primarily for commercial vehicle applications, using technology from Chinese partner EVE Energy. The facility aims to localise and strengthen the U.S. battery supply chain, supporting the transition to zero-emission commercial transportation and boosting regional economic growth.

Later that year Daimler Truck opened a battery R&D and prototype production centre in Mannheim, Germany, to develop next-generation lithium-ion technology, complementing a second site in Kassel.

Additionally, AB Volvo and Daimler announced plans to form a joint venture to develop a shared digital platform and operating system for heavy-duty trucks, available to all OEMs. The collaboration aims to create “software-defined” trucks capable of over-the-air updates, allowing manufacturers to upgrade or fix vehicles remotely without costly recalls. Both companies will jointly develop the core hardware and software but will continue to offer separate products and digital services to customers. Headquartered in Gothenburg, Sweden, the venture will be equally owned.

Hydrogen Developments

Daimler Truck is advancing its decarbonisation efforts in the transport sector with several major hydrogen-focused initiatives.

In terms of hydrogen fuel cell HGVs, in June 2024, Daimler trialled a fleet of five Mercedes-Benz GenH2 Trucks (for customers like Amazon Air Production, INEOS, Holcim, and Wiedmann & Winz) on German roads. These long-haul trucks, equipped with 44kg twin liquid hydrogen tanks and a 300kW fuel cell system, offer a payload of 25 tons and a gross combination weight (GCW) of 40 tons.

Through the WaVe Project, Daimler collaborated with Mörtlbauer Baumaschinen Vertriebs GmbH to develop hydrogen combustion engines for heavy-duty and specialised vehicles like the Unimog U 430. The WaVe project, involving 18 partners and funded by Germany’s Federal Ministry for Economic Affairs and Climate Protection, aims to replace diesel engines with hydrogen alternatives.

Moving onto the hydrogen supply chain developments, Daimler signed a memorandum of understanding (MoU) with Kawasaki Heavy Industries to explore optimising the European hydrogen supply chain, including liquefied hydrogen terminals, shipping, and storage. Additionally, it signed an MoU with Masdar (Abu Dhabi) to investigate importing liquefied green hydrogen from the UAE to Europe by 2030.

The company has been working on liquified hydrogen refuelling technology with Linde Engineering. Together, they have developed the new sLH₂ (subcooled liquid hydrogen) technology, enabling faster refuelling (10-15 minutes for 80kg hydrogen tanks) and a driving range of over 1,000 km. The first public sLH₂ refuelling station has opened in Wörth am Rhein, Germany, and is currently supporting GenH2 truck trials.

Finally, Daimler secured EUR 226 million from German federal and state governments under the EU's Important Project of Common European Interest (IPCEI) program to support the production of 100 hydrogen fuel cell trucks, with production scheduled to begin in late 2026. Key partners include cellcentric GmbH & Co. KG. (a Volvo/Daimler joint venture for fuel cells), with final vehicle assembly planned at Daimler’s Wörth plant.

Daimler Truck North America (DTNA) Highlights

Daimler Truck North America (DTNA) announced a series of major developments across its operations last year. Leading the headlines, the upcoming launch of the fifth-generation Freightliner Cascadia, set for series production in mid-2025 at its Cleveland, North Carolina, and Santiago Tianguistenco, Mexico plants. Designed for improved safety, efficiency, and profitability, the revamped Class 8 truck will feature Detroit DD13 and DD15 engines initially, with Cummins diesel and natural gas options to follow in 2026. Enhanced aerodynamics and advanced safety systems, such as Active Brake Assist 6 and Active Lane Assist 2, will bolster performance and driver assistance.

In sustainability efforts, DTNA renewed its battery supply agreement with Volvo-owned Proterra, securing batteries for its electric school buses and delivery trucks. Additionally, DTNA unveiled a second-life battery programme, repurposing used lithium-ion batteries for energy storage systems through partnerships with Nuvation Energy and Li-Cycle, aiming for up to 95% material recovery.

Supporting decarbonisation goals, DTNA launched its first electric aftermarket route in Phoenix, Arizona, deploying a Freightliner eCascadia to deliver parts along a 100-mile route. Plans are underway to expand this initiative across other regions in the U.S. and Mexico.

Finally, DTNA is collaborating with Donaldson Company on the next-generation Freightliner SuperTruck III, part of a U.S. Department of Energy project focused on developing an efficient hydrogen fuel cell (HFC) demonstrator to reduce greenhouse gas emissions in long-haul trucking.

Daimler Buses Highlights

At the 2024 IAA Transportation show, Daimler Buses GmbH (a subsidiary of Daimler Truck AG) unveiled the compact 10.6-metre Mercedes-Benz eCitaro K, designed for urban mobility with a range of up to 300 km and flexible charging options. Building on this, Daimler Buses will also introduce its first intercity electric bus, the Mercedes-Benz eIntouro, at Busworld Europe 2025. The eIntouro offers up to 500 km of range and will enter series production in 2026, featuring advanced safety systems compliant with new EU regulations.

Daimler Buses expanded its EV ecosystem through Daimler Buses Solutions GmbH, a subsidiary that provides comprehensive electric depot infrastructure. The company recently completed a major project installing 41 charging stations in The Hague and plans to expand into hydrogen fuel cell infrastructure.

Additionally, EvoBus GmbH has been rebranded Daimler Buses GmbH, unifying its brand identity across Europe to strengthen its market position and support its goal of leading the transition to emission-free transport.

Accelerated eActros 600 Rollout Across Europe

Following its launch in Hamburg in October 2023 , Daimler Truck has accelerated the rollout of its new battery-electric long-haul truck, the Mercedes-Benz eActros 600. Production is now underway at the Wörth plant in Germany, supported by component manufacturing at Gaggenau and Kassel, where each electric axle undergoes rigorous quality testing.

Late last year, Daimler delivered the first batch of eActros 600 trucks to German logistics firms, with another 50 units delivered at the end of 2024 as dealership demonstrators. Major orders include Amazon’s purchase of 202 trucks for operations in Germany and the UK, and Simon Loos’s order of 75 vehicles to service Dutch supermarket chain Albert Heijn. Despite a purchase price around 2.5 times that of diesel models, thousands more orders are expected.

Daimler also completed the “eActros 600 European Testing Tour 2024”, covering 15,000 kilometres across 22 countries, to test the truck in diverse climate and terrain conditions. To support public education and customer engagement, Daimler opened the “Actros 600 Experience World” pavilion at Wörth.

Leadership Changes at Daimler Truck AG

The company announced key leadership appointments in 2024. Karin Rådström, previously CEO of Mercedes-Benz Trucks, succeeded Martin Daum as CEO of Daimler Truck. Achim Puchert, former CEO and President of Mercedes-Benz Brasil and Latin America, has replaced Rådström as CEO of Mercedes-Benz Trucks as of December 1, 2024. Puchert, a seasoned strategist with extensive experience in sales and business transformation, has been credited with revitalising Daimler’s operations in Brazil.

Additionally, following the passing of CFO Jochen Goetz, Eva Scherer from Siemens AG has joined Daimler Truck as Chief Financial Officer.

2025 and the year ahead

In 2025, Daimler Truck is focused on boosting profitability and resilience, with a revised Group strategy to be unveiled at a Capital Market Day in July 2025. The Company merged its China and India operations with Mercedes-Benz Trucks Europe and Latin America to better leverage global production, R&D, and cost efficiencies, strengthening its market position. To address ongoing cost challenges, Mercedes-Benz Trucks launched an efficiency program aimed at cutting recurring costs in Europe by over one billion euros by 2030. Discussions with the Works Council are underway to define sustainable cost-saving measures. Daimler Truck is taking decisive steps to future-proof its business.

Chairwoman report

Karin Rådström, Chairwoman of the Board of Management at Daimler Truck said:

In the past year, we achieved an adjusted EBIT of 4.7 billion euros and an adjusted return on sales in our Industrial Business of 8.9 percent. This makes 2024 another solid year – and I look at it from two sides: We are proud of what we have accomplished, and I would like to sincerely thank our global Daimler Truck team for their dedication and great work. At the same time, 2024 varied across our segments. Trucks North America and Daimler Buses continued very strong. Mercedes-Benz Trucks did very well in Brazil but was affected by weak demand in its European core markets. Trucks Asia delivered solid operating results despite continued weak markets. In sum, we are convinced that we can do even better, and we are committed to unlocking even more of our potential.