The world's largest heavy-duty truck manufacturer by volume spent its first three years as an independent company — Daimler Truck Holding AG only formally separated from Mercedes-Benz on December 10, 2021, despite the heritage behind its Freightliner and Mercedes-Benz truck brands stretching back to 1896. That separation unlocked shareholder focus: the company now generates $56.6 billion in annual revenue from a single, unglamorous purpose — moving freight. Freightliner Cascadia trucks account for the bulk of North American sales, and the proprietary Detroit DD15 engine and DT12 transmission appear in 85% of those builds. That vertical integration is not accidental. Capturing the powertrain margin internally, rather than ceding it to a supplier, is how Daimler Truck posts gross margins above 22% even as raw material costs have surged. With 103,000 employees spread across factories on multiple continents, the operational footprint is substantial. Yet the Trucks segment alone — 88% of total revenue at roughly $49.8 billion in FY2024 — carries the weight of the entire enterprise. The Buses segment adds $3.9 billion at slightly lower margins, a reflection of the bespoke, low-volume nature of municipal transit contracts. The spin-off from Daimler AG was, at its core, a bet that the market would value a pure-play commercial vehicle business more generously than it valued a conglomerate with car brands attached. The $38 billion market capitalization that followed suggests the market largely agreed.