Daimler: Strong Profits from Combustion Engines - BEVs Marginal
The Daimler division Mercedes-Benz Cars & Vans exceeded expectations in the second quarter of 2021 and achieved a very good result, which the company attributes to "convincing products, a favorable product mix, good price enforcement, and ongoing cost discipline." This result was made possible despite the very limited availability of semiconductor components, according to the group. Daimler Trucks & Buses sales increased in almost all regions due to the improved market environment, which has been reflected in higher profitability in the second quarter.
Additionally, Daimler Trucks & Buses' EBIT benefited from good "price enforcement," as reported, higher aftersales business, and positive "non-recurring" valuation effects in the order of around 100 million euros. Daimler Mobility's return benefited from low credit risk costs, a reversal of provisions for credit risks amounting to 120 million euros, and favorable refinancing costs. In the key market of China, the Mercedes-Benz brand sold over 440,000 vehicles, with the group selling a total of 1.16 million vehicles, narrowly missing the 2018 sales record. The previous year, the group had to report a loss of 1.9 billion euros and even an operating loss of 1.7 million euros, partly due to pandemic-related downturns. The cost-saving measures were further intensified.
"The key to our success is our strong offering of highly attractive vehicles, which are increasingly becoming electric, combined with our relentless focus on profitable growth and strict cost control," says Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.
However, fully electric vehicles still make up only a minuscule part of the portfolio, just over three percent. Daimler aims to operate the Mercedes new car fleet CO2-neutral by 2039. Most recently, Stellantis subsidiary Opel has taken a much more ambitious approach and plans to sell only electrically powered vehicles from 2028 onwards, ceasing the sale of combustion engine vehicles.
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