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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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Daimler takes 'reality check' on robotaxis

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11/14/2019 | 10:40am EST
FILE PHOTO: File photo of Mercedes-Benz logo pictured before company's annual news conference in Stuttgart

Daimler has taken a "reality check" on self-driving "robotaxis", acknowledging that making them safe is proving harder than first thought amid questions over their future earnings potential.

Chief Executive Ola Kaellenius told journalists on Thursday

Daimler would "rightsize" its spending level on robotaxis and that self-driving technology would more likely be applied to commercial vehicles for freight companies on long haul routes.

Carmakers raced to develop self-driving vehicles after Google presented a prototype car in 2012, leading Daimler to develop an autonomous Mercedes.

The idea of fleets of robotaxis picking up and ferrying customers around cities gained traction, driven by the stellar growth of ride services such as Uber and of delivery services firms.

However, costs and regulatory hurdles have spiralled, leading to a reassessment of the business potential.

"There has been a reality check setting in here," Kaellenius said.

Ensuring that self-driving cars are 100% safe in crowded urban areas is proving to be a bigger challenge than engineers had assumed a few years ago, he said.

Even if Daimler is able to make robotaxis safe, the benefits of entering the crowded ride-hailing business with self-driving cars remain unclear, he added.

"The full scale deployment would tie up a lot of capital with some uncertainties around the earnings potential," he said.

"At this juncture we said to be the first one, does not make sense."

Daimler has already sought a development alliance with BMW for semi-autonomous vehicle technology and it has another project with supplier Robert Bosch to perfect technology for fully driverless cars.

(Reporting by Edward Taylor, editing by Riham Alkousaa and Alexandra Hudson)

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET 0.94% 1339.39 Delayed Quote.28.18%
BMW AG 1.35% 73.79 Delayed Quote.4.37%
LYFT, INC. 0.30% 45.2 Delayed Quote.0.00%
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Financials (EUR)
Sales 2019 101 B
EBIT 2019 7 462 M
Net income 2019 5 373 M
Finance 2019 16 130 M
Yield 2019 3,94%
P/E ratio 2019 9,09x
P/E ratio 2020 7,77x
EV / Sales2019 0,31x
EV / Sales2020 0,31x
Capitalization 47 640 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 75,74  €
Last Close Price 73,79  €
Spread / Highest target 59,9%
Spread / Average Target 2,65%
Spread / Lowest Target -28,2%
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Oliver Zipse Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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