Mercedes-Benz Group AG

Oct 1, 2021 — Shareholders approve truck spinoff (EGM)

Extraordinary general meeting approved separation of the commercial-vehicle business (Daimler Truck) from Daimler; shareholders overwhelmingly backed the plan and the restructuring that would later leave the car/van business as a standalone group [2], [7]. Market framed the move as value-unlocking and strategic simplification that would let the parent focus on premium cars and vans [2], [1]. Rally into the corporate-event peak followed by consolidation around the split date [1].

Nov–Dec 2021 — Spin-off execution and listing of Daimler Truck

The hive‑down process completed in early December and Daimler Truck began trading as an independent entity [3], [7]. With the truck business separated, Mercedes-Benz was positioned as a pure-play luxury car and van company; the split day saw Mercedes shares at multi‑year highs before settling back [1], [3]. Peak at the corporate-separation event followed by a mild pullback and early consolidation.

Feb 1, 2022 — Daimler formally becomes Mercedes‑Benz Group AG

Daimler AG was officially renamed Mercedes‑Benz Group AG and completed the strategic realignment to concentrate on passenger cars and vans [4], [3]. The rebrand cemented the "pure-play" luxury-car narrative and corporate clarity; investors treated the group as the capital‑allocation vehicle for the Mercedes passenger brands [4]. Range and volatile trading as the market digested the new corporate structure and macro risks.

Feb–Mar 2022 — Russia invasion, halted Russia activity and supply‑chain shock

Following Russia's invasion of Ukraine, Mercedes‑Benz suspended exports and local production in Russia, raised reserves and warned of asset risk; assets in Russia were reported at approximately €2.0–2.2bn [10], [12], [9]. Semiconductor and raw‑material bottlenecks intensified. The earlier corporate‑strategy optimism gave way to geopolitical and operational caution [9], [10]. Volatility and drawdown as investors priced in the macro and geopolitical shock.

Aug–Oct 2022 — Battery and cell partnerships and raw‑material deals (CATL, Rock Tech)

Mercedes expanded battery-cell supply arrangements including partnership activity around CATL's European supply and signed a binding supply agreement with Rock Tech Lithium for approximately 10,000 tpa of battery‑grade lithium hydroxide starting after a qualification period, targeted from 2026 [29], [22], [23]. The company pivoted to more vertical integration and direct-sourcing of battery materials to secure EV ramp-up — a strategic, de‑risking move [22], [29]. Stock action remained range‑bound because macro and demand uncertainty offset the strategic positives.

Oct 26, 2022 — Decision to exit Russian market (sale to local buyer announced)

Mercedes‑Benz announced it would exit the Russian market and sell its local subsidiaries to a local investor; the deal with Avtodom was announced after halting operations earlier in the year [20], [9]. Exiting Russia removed a key geopolitical overhang but produced one‑off charges and accelerated balance‑sheet clean‑up; investors treated the exit as removing an unresolved tail risk. Short‑term volatility around charges, then re‑entry into broader consolidation.

Mar 27, 2023 — Groundbreaking for Rock Tech converter in Guben

Groundbreaking ceremony for the Rock Tech lithium converter in Guben; the supply chain plan envisaged qualification and deliveries to Mercedes' battery partners from 2026 onwards [28], [22]. This reinforced the company's strategy of securing upstream supply for batteries and localising European supply chains — a concrete sign that prior agreements were moving into implementation. Positive narrative bump for electrification execution; broader price action remained sensitive to demand and macro.

2023 (full year) — Strong profitability and margin resilience

Mercedes delivered a strong profitability year with FY comparatives at €19.7bn EBIT for 2023 [53], [40]. Management highlighted pricing and margin resilience as supply constraints eased in parts of the business. Investor perception shifted toward profitability over sheer growth — Mercedes was seen as able to protect margins via pricing and mix even while executing the EV transition. Uptrend and rally phases through parts of 2023 as results beat expectations and backlog supported sales.

Late 2023 — EV‑market reality check; guidance and tone turn cautious

Management commentary turned cautious as EV demand and market dynamics softened; CFO Harald Wilhelm publicly warned the EV market environment was "brutal" and indicated tougher conditions for 3Q/4Q 2023 trading and margins [35]. The market's narrative shifted from bullish electrification multiples to a focus on margin preservation, cost control and disciplined capex [35]. Top formation in the stock and transition from the 2023 rally into range and early downtrend as expectations were reset.

FY 2024 — Demand weakness, slowdown in parts of the EV plan, and re‑rating

FY 2024 reporting showed Group EBIT declined to €13.6bn and revenues to €145.6bn versus 2023 comparatives (EBIT €19.7bn; revenues €152.4bn) [53]. Mercedes publicly slowed or adjusted some battery expansion plans in response to weaker EV demand and market conditions [53], [27]. The company entered a re‑rating phase: investors moved from premium‑growth valuation to a valuation focused on cash generation, margins and the pace of the EV transition. Clear downtrend and drawdown through 2024 with subsequent trading in a lower range.

Mid‑2026 (H1–Jul 2026) — EV supply pipelines reach qualification window

Earlier supply agreements remain on the implementation path with Rock Tech and other battery partnerships expected to begin qualification and deliveries in the 2026 window [22], [28]. Mercedes continues electrification and raw‑material sourcing efforts. The company is demonstrably further along in securing battery raw materials and cell supply, but investors remain cautious about end‑market EV demand, margins and macro headwinds. The market's story shifted toward execution and profitability rather than pure growth. Material drawdown from the 2021 corporate‑event peak into 2024–2026 with trading in a lower range and partial recovery phase; equity trading at 43.99 — market in a lower trading range versus the 2021–2023 highs.