Mercedes: profit slip and savings project

In Stuttgart Daimler lays on Tuesday (11. February 2020) The annual balance sheet. That that is not very good, the group had already announced. The bottom line was only 2.4 billion euros in the past year, as the group communicated in Stuttgart. In 2018, the result attributable to the actions was three times so high, although it was already severely sealed at that time. Although Daimler was able to expand sales with 172.7 billion euros – even because the core brand Mercedes-Benz reclaimed the year with a sales record. A huge cost mountain, however, eats a coarse part of the profit right back.

Cost mountain

A sales record in the car business at Mercedes-Benz with around 2.34 million cars sold last year, Daimler not only a decline in the truck business opposite. An enormous cost mountain prints on the profit. The Group must invest billions in order to bring its electric cars to the strain – especially to comply with the spread CO2 limit values and avoid penalty payments. The Mercedes EQC caused problems with a component but for that not so many vehicles could be delivered as planned.

The development of future technologies such as automated driving costs despite partnerships with other industry giants such as BMW and Bosch billions. Daimler boss Ola Kallenius holds on the projects. Particularly expensive visions such as the "Robotaxi", which, in his view, will shift significantly more money to the foreseeable time than you can bring in, the Swede has pushed on the priority list but far backwards.

For backrests and procedures in connection with the exhaust gas fraud worldwide, Daimler had already laid around 1.6 billion euros on the side last summer. But just under three weeks ago, the Group had allowed premises that the bill will become more than 1.1 to 1.5 billion euros more. The aggregates threw Daimler to have an inaccessible shutdown device in various diesel models installed in the control of the exhaust gas purification. The Group denies that, but hold it to the backrests and has already installed software updates for hundreds of thousands of vehicles.

Favarded austerity program

According to Handelsblatt Therefore, Kallenius is planning its austerity program, which is committed in November and to save significantly more than the previous 1.4 billion euros until the end of 2022 in the staff. Up to 15.000 places should be deleted worldwide. So far, at least 10 was always.000 we have been talking about. However, Daimler himself had never mentioned this number, but only once again spoken of a "low five-star number". Also the new number did not want to comment on the company or the works council.

In addition to personnel costs, Kallenius also wants to reduce material costs significantly and also the investments covering, the model range of the model range and concentrate in the individual segments stronger on the vehicles with the highest profit margins. According to Handelsblatt, this is for some models, among other things, the convertible of the S-Class, already decided. The end of the X-Class, one only 2017 launched, but behind the expectations of accessible pick-up model, is already fixed.

In addition, the CEO has brought itself to the analyst and industry expert Max Warburton as a consultant to the page. "I have commissioned him to find ways to speed up our focus, accelerate our decision-making, to speed up our strategy for electrification and increase our competitiveness," Kallenius said. The Brit should begin in Marz 2020 at Daimler.

Experience at saving

Multiple Kallenius had corrected the expectations in the months since his expansion and also launched a savings package in November 2019. The Group has already gain experience with huge austerity packages. At the beginning of the 2000s, Daimler had to heal the disindicuous merger with Chrysler. The savings efforts were followed by qualitatous problems with the core brand Mercedes, whose elimination the Group of Long Associated. From the 2007 C-Class (W204) was qualitatively starting again. At Daimler, hopefully you will be well considered if you want to break this arduous way again.

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