Q3 2024 Mercedes-Benz Group AG Earnings Call for Analysts and Investors Transcript
Key Points
- Mercedes-Benz Group AG (MBGAF) reported solid sales numbers for cars and vans, with notable world premieres such as the Maybach SL and AMG GT special edition.
- The company is progressing in technology, demonstrated by advancements like level three autonomous driving with increased operating speed.
- Strong cash generation continues, with substantial shareholder returns including a EUR5.5 billion dividend and EUR4.3 billion in share buybacks.
- The company is executing a massive product launch initiative, confident in its product portfolio to serve the market flexibly between ICE and EV.
- Mercedes-Benz Group AG (MBGAF) maintains a strong focus on capital allocation and shareholder returns, with plans to seek further authorization for share buybacks.
- Q3 results were impacted by a deteriorating macro environment and competitive landscape, leading to lower than expected profitability.
- The company faced a weak quarter in the cars segment due to lower volume, unfavorable mix, and softer pricing.
- Electrified vehicle sales were down 15% due to subdued market demand for EVs.
- The company had to implement dealer support measures in China, impacting profitability.
- The market environment in China remains challenging, with strong competition affecting sales and pricing.
This call of Mercedes Benz at our customer's request, this conference will be recorded. The replay of the conference call will also be available as an on demand audio webcast in the investor relations section of the Mercedes Benz website.
The short introduction will be directly followed by a Q&A session. (Operator Instructions)
I would like to remind you that this telephone conference is governed by the Safe Harbor wording that you will find in our published results documents. Please note that our presentations contain forward-looking statements that reflect management's current views with respect to future events. Such statements are subject to many risks and uncertainties. If the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. Forward-looking statements speak only to the date on which they are made.
May I now hand over to Christina Schenck, Head of Mercedes Benz Investor Relations and Treasury. Thank you very much.
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