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Its move upmarket served Mercedez-Benz well in the first three months of 2022.
The rise in prices and the success of its luxury car category have thus improved the German car manufacturer’s profits in the first quarter. But its overall sales are in decline (-10%). And the manufacturer is worried about the consequences of Covid on the supply chain and the war in Ukraine on the rest of the year.
For the first three months of 2022, the Stuttgart-based company reported an 11% increase in operating profit to €5.2 billion and a 3% increase in net profit to €3.6 billion.
This performance, which exceeded forecasts, is the result of good control of its prices and costs, but also of the success of its more profitable top-of-the-range vehicles.
Sales of its luxury cars (under the Mercedes-Maybach, Mercedes-AMG, G-Class, S-Class, GLS and EQS brands) rose by 5% to 78,000 units, or 16% of total volume. Meanwhile, Mercedes-Benz Cars, its main division, saw its sales fall by 10% to 487,000 units. In any case, the adjusted operating margin of its car division improved by 1.7 points to 16.4%.
At the beginning of February, the Daimler group changed its name to Mercedez-Benz, thus marking its refocusing on passenger cars and commercial vehicles, and in particular luxury saloons. At the same time, its truck subsidiary, Daimler Truck, was floated on the stock exchange. By 2021, the average price of its cars sold had already risen.
Mercedes-Benz expects stocks to remain high in the second quarter as supply chain bottlenecks persist and semiconductor supply remains disrupted.
For the full year 2022, Mercedes-Benz expects sales to be “slightly higher” than in 2021 and operating profit to be stable.
However, the manufacturer also refers to “extraordinarily high uncertainty” linked in particular to the war in Ukraine and the development of the Covid-19 pandemic in China. “An escalation beyond the current situation” of the conflict “could have significant negative consequences for the business”. While the shortage of semiconductors due to the Covid-19 pandemic will also impact the rest of the year as “stricter measures” in China against the virus create “uncertainty regarding market developments, supply and production”.
Read also > INDIA: THE LAND OF OPPORTUNITY FOR MERCEDES-BENZ
Featured photos : © Mercedes-Benz[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Its move upmarket served Mercedez-Benz well in the first three months of 2022.
The rise in prices and the success of its luxury car category have thus improved the German car manufacturer’s profits in the first quarter. But its overall sales are in decline (-10%). And the manufacturer is worried about the consequences of Covid on the supply chain and the war in Ukraine on the rest of the year.
For the first three months of 2022, the Stuttgart-based company reported an 11% increase in operating profit to €5.2 billion and a 3% increase in net profit to €3.6 billion.
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Its move upmarket served Mercedez-Benz well in the first three months of 2022.
The rise in prices and the success of its luxury car category have thus improved the German car manufacturer’s profits in the first quarter. But its overall sales are in decline (-10%). And the manufacturer is worried about the consequences of Covid on the supply chain and the war in Ukraine on the rest of the year.
For the first three months of 2022, the Stuttgart-based company reported an 11% increase in operating profit to €5.2 billion and a 3% increase in net profit to €3.6 billion.
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