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Annual General Meeting: Daimler Truck share loses: Daimler Truck remains optimistic despite economic concerns – price increase due to rising costs | news

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The sales of the world market leader for heavy trucks should increase by more than ten percent to up to 520,000 vehicles, the DAX group confirmed at its first general meeting as an independent company on Wednesday. In terms of sales, the Swabians are still aiming for an increase of up to a quarter to 48 to 50 billion euros. The adjusted return on sales should increase by at least one percentage point to seven to nine percent. “So we’re going into the rest of the year with optimism and confidence,” said CEO Martin Daum, according to the text of the speech at the virtual shareholder meeting.

The economic risks have increased in recent weeks, so that many fear a further downturn in the global economy, Daum explained. “And such a downturn, the concern is, would directly affect us as a cyclical industry.” But thanks to the investments in new commercial vehicles that were postponed in the Corona crisis, Daimler Truck is in an exceptional situation that could cushion a slight downturn. Many customers now urgently need to renew their fleets. “We are therefore not observing any cancellations.” In addition, the truck builder can absorb rising production costs with higher prices. The outlook takes into account the currently known effects of the Ukraine war and the gradually easing shortage of semiconductors.

In June, both the Organization for Economic Cooperation and Development (OECD) and the World Bank significantly reduced their growth expectations for the global economy. The OECD lowered its forecast for global economic growth in 2022 from 4.5 percent to three percent, the World Bank from 4.1 to 2.9 percent.

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Daimler Truck has been independent and listed on the stock exchange since December following the spin-off from the larger passenger car sister company Mercedes-Benz. The Stuttgart group has been listed in the leading index DAX since March. The anchor shareholder is the Mercedes-Benz Group with almost 35 percent, followed by the Chinese car manufacturers and Daimler partners BAIC and Geely via its owner Li Shufu, each with a good six percent.

Daimler Truck installs fewer chips in trucks

As a consequence of a permanent shortage, Daimler Truck is reducing the number of chips in its trucks. The manufacturer also relies on other suppliers for these electronic components, said CFO Jochen Goetz on Wednesday at the online general meeting in Stuttgart. “The disruptions in the supply chains, especially in semiconductors, are weighing on our business.”

The situation with chips should improve in the second half of the year, Goetz said after questions from shareholders. The bottleneck affects the entire industry and in the past had also caused Daimler Trucks to stockpile production because components were missing.

Daimler Truck increases prices due to rising costs

Daimler Trucks are struggling with rising costs for raw materials and energy. That’s why the truck and bus manufacturer is increasing prices, said CFO Jochen Goetz on Wednesday at the online general meeting in Stuttgart. “We expect continued headwinds for the full year 2022.”

Irrespective of economic worries and the Ukraine war, the truck manufacturer is sticking to its goal of increasing its sales to up to 50 billion euros in the current year. Last year it was around 40 billion euros. The global order situation for trucks is excellent, said CEO Martin Daum at the shareholders’ meeting.

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As a consequence of a permanent shortage, the number of chips in the trucks is reduced. Other suppliers for these electronic components also come into play, as Goetz explained. “The disruptions in the supply chains, especially in semiconductors, are weighing on our business.”

The situation with chips should improve in the second half of the year, Goetz said after questions from shareholders. The bottleneck affects the entire industry and in the past had also caused Daimler Trucks to stockpile production because components were missing.

Daum said that production at the large truck plant in Wörth in the southern Palatinate was on hold for a few days last year due to the bottleneck. Production in the factory, which employs around 10,000 people, is currently running according to plan.

The now independent manufacturer held its first public general meeting. Last December, the then Daimler Group, which now operates under the name of Mercedes-Benz (Mercedes-Benz Group (ex-Daimler)), spun off its large commercial vehicle business. Daimler Truck, with around 100,000 employees worldwide, is one of the largest manufacturers of trucks and buses. On Wednesday, Daimler Truck shares fell by 3.84 percent to 26.14 euros via XETRA.

Frankfurt (Reuters) / STUTTGART (dpa-AFX)

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Image sources: Daimler Truck AG

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