Daimler Truck And Bus Sales Down 55%
By Mike Brezonick23 July 2020
Daimler AG said its sales for the second quarter ending June 30 fell 34%, which included a 55% drop in sales of trucks and buses.
The group’s total unit sales decreased by to 541,800 passenger cars and commercial vehicles versus 821,700 vehicles during the same period in 2019. Revenue also slipped significantly by 29% to €30.2 billion against €42.7 billion in 2019).
The Daimler Trucks & Buses division showed a decrease in unit sales to 61,000 vehicles in the second quarter versus 134,900 units sold during the same period in 2019. Declining volumes had a strong impact on earnings while restructuring activities, which will improve long-term competitiveness, helped reduce fixed costs significantly, the company said. Encouragingly, order intake is now developing positively in nearly all core regions, the company added.
“Due to the unprecedented COVID-19 pandemic, we had to endure a challenging quarter,” said Ola Källenius, chairman of the Board of Management of Daimler AG and Mercedes-Benz AG. “But our net industrial liquidity is a testament to effective cost control and cash management, which we must continue to enforce.
“We are now seeing the first signs of a sales recovery – especially at Mercedes-Benz passenger cars, where we are experiencing strong demand for our top end models and our electrified vehicles. Going forward, we are firmly determined to continue to improve the cost base of our company. At the same time, we are committed to our key strategic objectives: to lead in electrification and digitalization.”