Daimler misplaced $ 2.2 billion within the second quarter, however sees indicators of a restoration

FRANKFURT, Germany – Daimler, producer of Mercedes-Benz luxurious vehicles and Freightliner vehicles, misplaced 1.91 billion euros within the second quarter when the outbreak of the corona virus decreased gross sales of the corporate’s vehicles, vans, buses and vehicles by round a 3rd.

CEO Ola Kallenius stated Thursday that it had been working to keep up money reserves in a troublesome time and noticed “the primary indicators of a restoration in gross sales.” He stated extra efforts could be made to cut back prices, as gross sales losses wouldn’t be made up for this 12 months, even when the economic system returned to “some normalcy.”

The loss in comparison with a lack of 1.24 billion euros within the April-June quarter of the earlier 12 months when the corporate had giant one-time revenue deductions.

Stuttgart-based Daimler AG ceased manufacturing in March, April and Could because the pandemic and related countermeasures slowed international financial exercise. Car gross sales decreased by 34% from 822,000 in the identical interval final 12 months to 542,000. Gross sales decreased by 29% to 30.2 billion euros.

Kallenius stated: “Our industrial web liquidity is proof of efficient value management and money administration that we should proceed to implement. We are actually seeing the primary indicators of a restoration in gross sales – particularly for Mercedes-Benz vehicles, the place we’re seeing robust demand for our top-end fashions and our electrical automobiles. “

He stated it was essential to decrease the fee at which the corporate may break even, however added that layoffs had been “a final resort”.

The corporate faces quite a few challenges frequent to all automakers, together with regulatory pressures in Europe to chop emissions by promoting extra electrical vehicles and to adapt to the altering approach folks use vehicles, reminiscent of: B. Ordering journeys or renting vehicles for only a few hours by way of smartphone Apps. Daimler is introducing extra electrical automobiles by way of its Mercedes EQ sub-brand and says its EQS sedan may have a aggressive vary of 700 kilometers in accordance with European requirements within the coming 12 months.

Kallenius stated the corporate noticed the strongest demand in larger value classes, an space the place it can renew its flagship Mercedes vary, the high-end S-Class sedan. A brand new model of the automobile is coming in autumn and is already being spiced up with on-line displays.

Along with Mercedes-Benz and Good, the corporate’s manufacturers additionally embrace Freightliner and Western Star vehicles in addition to Thomas Constructed buses within the North American truck enterprise primarily based in Portland, Oregon.

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