Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Daimler Truck predicts engine job losses in transition to 'green' trucks

Fri, 21st May 2021 13:09

By Nick Carey

LONDON, May 21 (Reuters) - The transition to zero-emission
fuel cell trucks will slash about half the jobs at Europe's
truck engine plants in the next 15 years, Daimler Truck Chief
Executive Martin Daum said on Friday, urging policymakers to
prepare for that now.

Truck makers are moving towards a zero-emission world as
hitting sustainability targets becomes more important for their
customers but the fuel cells have fewer moving parts and require
less labour to make than combustion engines.

"We have to be cognizant that about 50% of the jobs will go
away because a fuel cell and a battery are far less complex than
a diesel engine and a transmission today," Daum told Reuters.

"But the good thing is, we have a transition period of about
15 years and we have to start preparing for that today."

The world's largest truck maker is going "all-in" for
electric and hydrogen fuel cell-powered vehicles and on Thursday
said zero-emission vehicles should make up 60% of its sales by
2030 and 100% of sales by 2039.

However, Daum said building hydrogen fuelling infrastructure
is crucial to persuade sceptical fleet operators to buy the
trucks that will help Europe meet its climate goals.

"If we already had the trucks today that we will have in
2025 and beyond, we wouldn't sell a single one. Why? Because we
have no hydrogen fuelling network," he said.

This week Daimler AG's truck unit announced an
agreement with Shell under which from 2024 the oil
major will launch heavy-duty hydrogen-refuelling stations
between the green hydrogen production hubs at the Port of
Rotterdam in the Netherlands and in Cologne and Hamburg in
Germany.

The German company and rival Volvo AB last month
called for EU policies to boost fuelling infrastructure.

"The fear of running out of power is the issue where the
customer is the most sceptical," Daum said. "The decisive edge
will be the availability of fuelling infrastructure."

Carmaker Daimler will spin off Daimler Truck later this year
as it seeks greater investor appeal as a focused electric,
luxury car business.

Ahead of that spin-off, Daimler Truck said this week it
would focus on raising profit margins by 2025, in particular in
Europe.

Daum said the company's problems in Europe revolved around
cutting product costs and improving its service quality.

"We have a good product in Europe, it's too expensive to
produce," he said. "So we have to get the complexity out of the
product."

(Reporting By Nick Carey; editing by Emelia Sithole-Matarise)

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.