Mercedes-Benz Group on Friday warned of lower earnings this year amid economic uncertainty, and said it would look to sell more vehicles directly in major markets such as Britain and Germany as it continues to target high margins on flat volume.
The German company's forecast chimes with warnings across the industry of a challenging year ahead, with Germany's autos association predicting car sales this year will hit around 74 million vehicles globally, up 4% from last year but still 8% below pre-pandemic levels.
Mercedes-Benz pledged in 2020 to cut fixed costs, capital expenditure and research and development spending by more than 20% by 2025 from 2019 levels, a target it is still on track to meet despite inflation, Wilhelm said. Selling directly saves costs for the company and removes concerns for customers that they could get a better price at another dealer, he added.
Mercedes-Benz hit its forecast for a 13%-15% adjusted return on sales in the cars division, reporting a 14.6% margin for 2022 and a 28% rise in earnings across the group to 20.5 billion euros .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Suspect arrested for allegedly stealing Mercedes Benz with child inside on Long IslandA carjacking suspect was arrested after allegedly stealing a vehicle with a child inside on Long Island on Tuesday.
Read more »
Mercedes-Benz World Sunday Service 12/03Breakfast, cars and simulators - what more could you want on a Sunday morning? Details on our next Sunday Service here 👇
Read more »
Mercedes-Benz flags market uncertainty despite 2022 earnings boostMercedes-Benz Group beat analysts' estimate with an annual earnings of 20.5 billion euros ($21.80 billion) and a stronger revenue, the premium car maker said on Friday, but warned of lower earnings this year due to economic uncertainty.
Read more »
Tesla was the USA's best selling luxury car brand in 2022, beating BMW and Mercedes-BenzTesla outsold BMW, Mercedes-Benz and Lexus to become the best-selling luxury car brand in the United States in 2022 with its four-model lineup.
Read more »
Yes, Please: Baby G-Class May Be Coming to Battle Wrangler, BroncoCould this smaller Benz square up against American off-road icons?
Read more »
2023 Mercedes F1 car marks return to black liveryMercedes returns to a black livery for the 2023 F1 season, though this time there's a performance angle.
Read more »