Daimler will deepen cost cuts because of an expected second-quarter operating loss and despite some signs of a recovery in demand for luxury cars, the chief executive said on Wednesday.
Daimler said sales of its Mercedes-Benz brand dropped almost 19% to about 870,000 cars in the first half, although the brand achieved its best second-quarter sales so far in China.
Despite the rebound in China, the business losses racked up in recent months would not be recovered by the end of the year, demanding more cost cuts, CEO Ola Kaellenius told shareholders.
“Our previous efficiency goals covered the upcoming transformation, but not a global recession. That’s why we are further sharpening our course,” Kaellenius said, adding that the company was in talks with labour representatives about savings.
Daimler, which reports second-quarter results on July 23, said it expected a significant decline in sales for the period, a negative adjusted group operating profit and negative free cash flow in the industrial business.
The company expected a recovery to levels before the coronavirus crisis would take a long time. Kaellenius cited expectations by the International Monetary Fund for 2020 to record the worst worldwide recession in almost a century.
“The group’s unit sales, revenue and earnings are likely to be lower this year than in 2019,” he said, adding that Daimler could increase production swiftly once demand picked up again.
“Already in June, global retail car deliveries were slightly above the prior-year level again,” Kaellenius said.
Mercedes-Benz sales are off 19% so far in 2020
10/07/2020
53 Comments
Mercedes-Benz | Mercedes-AMG
Click to rate this post
[Total: 1 Average: 5]
Georgeevarf
My wife loves to watch your videos with me. She asked me to ask you how much time do you spend on it every day? And how difficult is it for a beginner? She doubts her own abilities after one article. Why don’t you try to do it as described [url=https://yetanotherphrasehere.space/iceland/]Here[/url]
As I told you earlier, we have already used a similar service. It is very important to choose the team, which has long been on the market. Do not risk your money and health! This problem has a known solution, for example [url=https://szcjk2zoci.site/tips/]here[/url]
How do you have time to live such a full life? I admire you! At a personal meeting, we did not have time to discuss one topic and we postponed it for later. Now I would like to return to this subject. This issue has already been discussed [url=https://yetanotherphrasehere.space/europe/]on this site[/url]
[url=http://www.artino.at/Guestbook/index.php?&mots_search=&lang=english&skin=&&seeMess=1&seeNotes=1&seeAdd=0&code_erreur=UVINgvpedD]About The Hotel Saugatuck[/url] [url=http://kaeru-hanbai-fever.co.jp/blog/xml-rss2.php?itemid=1377]How to Have a Romantic Breakfast In Bed Date[/url] [url=https://www.243tech.com/tutos-html-css/definitions-et-explications/]Job Master Module: Vendor Directory[/url] [url=https://fhs92.tripod.com/cgi-bin/message_board.pl]The Most Trusted Travel-Review Sites[/url] [url=https://foodbook.me/en/profile/crnogorska-kuca]25 Best Things to do in Venice, Italy[/url] [url=https://www.ncaseao.org/blog-detail/government-nca-s-eao-hold-informal-meeting-to-discuss-the-peace-process]La Maison in Midtown an urban B&B from $ Houston Hotel Deals & Reviews – KAYAK[/url] [url=https://www.moy-recept.ru/rec/741]Flight Schedules[/url] [url=http://msmark.com/blog/partenariat/ms-mark-a-un-nouveau-partenaire]Compass Point Bed & Breakfast[/url] [url=https://usdnaira.com/blog/how-buy-bitcoins-nigeria?page=6347]How to start a tour business[/url] [url=https://www.megamartbd.com.bd/product/singleproduct/147]Plane spotting in Cairns Airport[/url] [url=https://www.moy-recept.ru/rec/1240]Bed & Breakfasts in Buk from $40/night – KAYAK[/url] [url=https://www.megamartbd.com.bd/product/singleproduct/166]InterContinental Hotels Group PLC[/url] [url=https://www.moy-recept.ru/rec/100]It’s My LIVE Cruise Q&A Hour: Sunday 2 July 5pm UK/ 12 Noon ET/ 9am PT[/url] [url=https://mycontinent.co/Germany.php]Foreigner Flirting with INDONESIAN GIRLS (intense ??)[/url] [url=https://melmii.mn/post/216]Cyprus- 9 Interesting Facts! – Country Facts[/url] [url=https://acharefacil.com.br/ALUGUELDEVANEMBRASILIA]25 Top Things Not To Do In Israel[/url] [url=https://melmii.mn/post/8]How To Travel The World Without Paying For Accommodation with Marco & Fran from Map The Unknown[/url] [url=https://heritage-digitaltransitions.com/product-catalog/dt-v-cradle/?tfa_next=%2Fforms%2FlegacyView%2F5057730%2Fb0df18cdaf668b01cb84d1e3e9c69e13%2F336311761%3Fjsid%3DeyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.ImFlYmM4YWQ3ZmFjNmYyYjZlZjUxM2Y5MGRmZDU3NjVmIg.k2h4W5V0UL0MeTeobku8jpB1i_b8GCvi39nm4tSreos]RIVERHOUSE AT THE PARK Gatlinburg Tennessee[/url] [url=https://www.djmarkyp.com/guestbook.php]12 Best Restaurants in Houston – Feastio[/url] [url=https://www.243tech.com/tutos-html-css/logiciels-et-installation/]Best and Worst Hotel Booking Sites for 2023[/url] [url=https://www.megamartbd.com.bd/product/singleproduct/58]26 of the Best Places to Visit in Greece in 2023[/url] 4f70501