Daimler
Daimler being investigated for bribery in Nigeria
If you think that the bribery fiasco involving Daimler has ended, think again. After making a settlement worth US$185 million in April following law suit that was brought forward by US Justice Department and the Securities and Exchange Commission and after being charged for the same crime in Egypt, Daimler now faces the same scenario in Nigeria.
Just like its previous cases, the one launched by Nigeria’s anti-corruption agency centers around bribes given out to certain Nigerian officials to seal business deals. The investigation also involves Anammco, a Nigerian company that assembles Mercedes trucks and buses. The bribes are said to be worth up to US$15 million.
Nigeria’s head of Economic and Financial Crimes Commission said, “We opened investigations into the Daimler/Anammco scam recently following a judgment in the U.S. where some Nigerians were convicted in relation to the Daimler bribery scam. So far we have interviewed about four officials and representatives of Daimler and Anammco in Nigeria.”
The above mentioned Anommco was established in 1970 and it was a joint venture between Daimler, the Nigerian government and local investors. Daimler sold its Anommco stake in 2007 following a company policy that recommended Daimler not to invest in companies that are partly government-owned. This “company policy” reason was given out by Anammco.
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After the US, Egypt is now investigating bribes given by Daimler
Recently Mercedes-Benz’ parent company Daimler AG faced a law suit in the US that centered around bribes given to various foreign officials to help seal business deals in certain countries.
Daimler quickly came to an agreement and made settlements amounting up to US$185 million. The charges were brought forward by the US Justice Department as well as the Securities and Exchange Commission.
Daimler also committed the crime in Egypt and the Middle Eastern country has launched an investigation regarding the matter. “Prime Minister Ahmed Nazif has decided to transfer the available information to Public Prosecutor Abdel Meguid Mahmoud on the payment of bribes by carmaker Daimler Mercedes Benz to employees in several countries, including Egypt,” an Egyptian cabinet statement revealed.
Something tells Daimler will quickly get this ‘interruption’ out of its way by agreeing to settle.
Collaboration agreement reached between Daimler and Renault-Nissan
Daimler and the Renault-Nissan Aliance have sealed a collaboration agreement which will see both entities perform platform and drivetrain sharing. Both companies now have 3.1% stakes in each other. The agreement will affect Mercedes, Smart, Nissan, Renault as well as Infiniti brands but both companies assured that the collaboration will not affect their brand identities.
The partnership will enable the companies to save billions of Euros per annum. The collaboration has given birth to Project Edison. Via this program, a platform will be created to underpin the next generation Smart Fortwo, Forfour and Renault’s Twingo. Apparently these models will feature a rear-engine/rear-wheel drive configuration. These models are expected to be launched from 2013 onwards.
It was also said that Smart’s plant in France will output the fortwo while Renault’s plant in Slovenia will manufacture the forfour. The program will also include the development of an electric powertrain based on the Smart ED. New 3 and 4-cylinder powerplants will be introduced as well. These engines should range between 1.2 to 1.8 liters.
Other efforts will include the supply of Daimler’s current diesel and petrol engines (V6 and V8 units) to Infiniti as well as the development of light van projects where Renault-Nissan will supply diesel engine and transmission technology for Mercedes’ Vito.
Daimler pleads guilty to bribery charges!
Recently the US Justice Department as well as the US Securities and Exchange Commission slapped corruption charges to the parent company of Mercedes-Benz, Daimler. Apparently between 1988 and 2008, the German giant issued out about US$56 million in bribes to foreign officials in at least 22 countries to secure businesses. Daimler decided to play nice, which is expected and pled guilty and agreed to pay US$185 million in penalties. The company also fired about 45 employees and disciplined 300 others.
Daimler denies recent rumors about shutting down Maybach
Daimler the parent company of ultra luxury brand Maybach has denied recent rumors that revolve around the closure of Maybach and its sale to Chinese-based BYD. A Daimler spokesperson recently revealed to Reuters that the brand is an important part of Daimler’s product portfolio.
Maybach has not been performing well sales wise since its rebirth in 2002. The brand only sold 200 units last year which is nothing compared to the figures achieved by brands like Bentley and Rolls Royce, both owned by German companies as well (Volkswagen and BMW respectively).
Daimler to shut down Maybach?
This is an interesting piece of news but its no surprise to me, if there is any truth behind this in the first place. AutoExpress claims that Daimler intends to shut down its Maybach division but did not reveal a timeline. The Maybach brand was purchased by the German giant back in 1960 and it was only in 2002 that it was revived.
Unfortunately the ultra-luxury brand suffered from bad sales starting from the year 2007 and it was downhill since. However if a shut down is really happening it could take a couple of years as Maybach is scheduled to unveil a facelifted model real soon, most probably next month at the Beijing Auto Show.
Tata Nano EV revealed in Geneva, Daimler sells 5.34% stake in Tata
Tata has revealed an all electric variant of the Nano supermini at the Geneva Motor Show. The Nano EV features a super polymer lithium ion battery pack which was also featured on the Tata Indica Vista EV. Unfortunately the company did not reveal more information about the Nano EV’s powertrain.
However the press release did mention that the Nano EV has an estimated range of 160 kilometers and its 0 – 100 km/h acceleration time is figured at below 10 seconds. Tata also revealed that the Nano EV is expected to be launched sometime in 2012. Meanwhile the Euro-market Tata will be introduced in 2011. This model will be slightly longer than the Indian-market Nano and will feature better suspension and brakes with ABS.
In another development Daimler AG has sold its 5.34% stake in Tata. “Daimler is today in an excellent position to capitalize on the growth potential of the Indian passenger and commercial vehicle markets and continues to intensify its own activities there,” the German auto giant said in a statement.
“An equity participation of Daimler in Tata is therefore no longer necessary. This has been done in full consultation with Tata. Relations between the two companies are excellent and will not be adversely affected by this sale,” it added. The sale is said to generate about US$401 million.
Daimler to link up with new compact car partner in mid-2010
It has been revealed that Daimler is looking to link itself up with a new partner for its compact car business and that the German auto giant will decide who it will be sometime next year. Rumors have been circulating that Daimler will tie up with Renault which is planning to set up a line of affordable compact cars and compact electric vehicles, but both parties have yet to make any official announcements.
Daimler’s CEO Dieter Zetsche said that company will announce its new partner by the mid of 2010. Apparently Daimler is paying more attention to the development of compact cars, with its Smart brand as well as with its A and B-Class models from the company’s Mercedes-Benz operation.
