The free cash flow of the industrial business will continue to be adversely affected by high advance expenditure for new products and technologies, although this should have reached its highest level in 2019. Nonetheless, we expect the free cash flow of the industrial business to be significantly higher than in the previous year. This does not take into account possible expenses relating to legal and governmental proceedings.
We expect the adjusted cash conversion rate for the Mercedes-Benz Cars & Vans division to be within a corridor of 0.7 to 0.9 in 2020. The adjusted cash conversion rate for Daimler Trucks & Buses is likely to be between 0.8 and 1.0 in 2020.
For the year 2020, we aim to have liquidity available in a volume appropriate to the general risk situation in the financial markets and to Daimler’s risk profile. When measuring the level of liquidity, we give due consideration to possible refinancing risks caused for example by temporary distortions in the financial markets. We continue to assume, however, that we will have very good access to the capital markets and the bank market also in the year 2020. We aim to cover our funding needs in the planning period primarily by means of bonds, commercial paper, bank loans, customer deposits in the direct banking business and the securitization of receivables in the financial services business; the focus will be on bonds and loans from globally and locally active banks. In view of our ongoing strong creditworthiness and in a continuing environment of high liquidity in the international capital markets, we anticipate stable refinancing conditions. Furthermore, our goal is to continue to ensure a high degree of financial flexibility.