Mercedes-Benz expects lower returns on sales across its cars and vans division this year, it said on Thursday, flagging "exceptional" uncertainty caused by conflict in the Middle East and Ukraine and tensions between China and the U.S. Supply chain bottlenecks for critical components remained "a significant risk factor", while the potential for an "even more pronounced" slowdown in economic growth could also have an impact on automotive markets, the group said in a statement. Electrified vehicle sales, including hybrids, were expected to remain at approximately 19-21% of sales, Mercedes-Benz said, in line with reports across the industry of slower growth in EV demand.
nVent Electric plc (NYSE:NVT) Q4 2023 Earnings Call Transcript February 6, 2024 nVent Electric plc beats earnings expectations. Reported EPS is $1.51, expectations were $0.75. NVT isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good day, and welcome to the […]
Daimler Truck managed a 1% gain in global sales in 2023, less than expected as supply chain issues still haunted the leading OEM. The post Daimler Truck manages small gain in 2023 sales appeared first on FreightWaves.
Mercedes-Benz said a "brutal" electric vehicle market of heavy price cuts and supply chain issues meant it would likely hit the lower end of its 12-14% adjusted return on sales forecast for the cars division, as third-quarter earnings fell. The luxury carmaker said it remained committed to its EV targets, but could bolster earnings with better returns from its combustion engine portfolio if margins on EVs remained lower than previously assumed, its chief financial officer said on an analyst call. With some traditional players selling battery electric vehicles below the level of internal combustion engine cars despite their higher production costs, "this is a pretty brutal space," Harald Wilhelm said.