MERCEDES-BENZ
Despite a solid quarter financially, thanks to the company's ability to raise prices in key markets, Mercedes-Benz Group AG acknowledged that its operations are facing serious difficulties due to disruptions created by the war in Ukraine.
“The Mercedes-Benz team delivered another strong quarter in an uncertain environment,” said Ola Källenius, CEO of Mercedes-Benz Group AG.
“We are enhancing our vigilance and resilience to manage increasingly complex macroeconomic and geopolitical challenges. At the same time, we have good reason to remain confident, with continued strong demand, a new vehicle portfolio and other important product launches this year.”
Numbers...adjusted return on sales for Mercedes-Benz Cars increased to 14.2% in the quarter and hit 10.1% for Mercedes-Benz Vans despite COVID lockdowns in China, ongoing supply chain bottlenecks of semiconductors and the war in Ukraine.
Mercedes-Benz revenue increased 7% to $37.1 billion and adjusted EBIT increased 8% to $5 billion as the company's focus on high-end luxury vehicles, electric vehicles battery and premium vans, as well as a continued focus on costs, have helped offset lower sales and higher raw material costs, the German automaker said.
Supply chain problems mount...Mercedes-Benz noted in the press release accompanying the quarterly financial report that rising geopolitical tensions following Russia's attack on Ukraine forced Mercedes-Benz to safeguard its supply chain and maximize the potential for reducing or replacing the use of natural gas in vehicle production.
“For example, Mercedes-Benz established that in Sindelfingen, where the EQS, S-Class and Mercedes-Maybach are produced, the paintshop could operate without gas supply in emergency mode. Mercedes-Benz sees a gas reduction potential of around 50% in Germany with no impact if regional grouping is possible. The company's long-term objective is to switch from gas to electricity and other renewable energy sources," the statement noted.
Critical suppliers to automakers are also threatened by power cuts supplied by Russia, which, before the start of the war in Ukraine, was the main source of crude oil and natural gas for the European Union.
Ford Motor Co. said it has identified 550 suppliers located in Central Europe that could be vulnerable to a shutdown or cuts in natural gas deliveries from Russia. Ford's list included 130 companies that manufacture parts not only for Ford of Europe, but also for Ford's North American operations.
In addition to making Mercedes-Benz “more weatherproof against geopolitical and macroeconomic headwinds,” Källenius said, the company continues to transform at full speed towards an all-electric future.
For example, in June, the Mercedes-Benz Vision EQXX broke its own efficiency record and drove over 1,200 kilometers on a single charge in real-world conditions. the EQS SUV was introduced and the EQE was launched on the market. And that's after Mercedes-Benz, in consultation with its employee representatives, recalibrated its European passenger car production network to manufacture its revamped product portfolio focused on luxury electric vehicles, he noted.
by Joseph Szczesny
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