Corona-crisis: Daimler is doing better than I thought
In the second quarter, Corona had cared for deeply in the red in the case of Daimler, the car manufacturer with Numbers of surprises far beyond expectations. Chief financial officer Wilhelm believes the group is on the right track. An uncertainty remains, however.
The carmaker Daimler has in the third quarter, significantly better than expected. The market has recovered faster than expected, especially in September, would have developed the business greatly, the company said.
The strict discipline in costs and other measures to increase efficiency had a positive impact. For the Rest of the year, we expect positive effects, provided there is no further Corona-lock downs.
The impact had ripped Daimler in the second quarter deep in the red. For the third quarter, earnings before interest and taxes of 3.07 billion euros and thus even more than in the prior-year quarter, is now, according to preliminary Figures. At that time, there were just under 2.7 billion euros. Analysts had expected just under two billion euros.
“The third quarter results reflect a very strong performance and prove that we are in the lowering of the income threshold on the right path,” said chief financial officer Harald Wilhelm, according to the memo. At the same time, you have used the chances, which would have resulted from the recovery of the markets. “We expect this positive momentum to continue in the fourth quarter, subject to the usual seasonality of the end-of-year business,” said Wilhelm.
Final Figures Daimler submit on Friday next week – along with an updated forecast for the year 2020, as the group announced.
CEO Ola Källenius had stressed repeatedly that it goes to the low point of the Corona-crisis, demand crash and week-long production stops are now on the up again. Especially in China, the market tightened significantly again. In the third quarter, Daimler was able to sell around the world, more cars than in the prior-year quarter. The year as a whole, but still remains an appreciable residue.
After the outbreak of the Corona-pandemic Källenius had exacerbated his already-planned savings program once again, in the crisis the money together. In the long term but the profit threshold considerably brought down with cuts in staff. Compulsory redundancies are off the table, for it to be deleted on the other Due to jobs. As a short-term reaction to the Corona pandemic is reduced in certain areas of the working time. In addition, the entire workforce in Germany has to waive the annual premium paid. The so-called tariff Additional funds will be automatically converted to free days. And the Smart plant in Hambach, France wants to sell to Daimler.
Källenius screwed in addition to the strategy, wants to focus completely on electric cars, and also focus more on luxury and the upper Ends of the segments, to earn more money per car.