Mercedes-Benz (MBGn.DE) expects the adjusted return on sales of its cars division for the full year to hit the lower end of its 12-14% forecast, the company said on Thursday, as it reported a drop in third-quarter earnings due partly to lower deliveries.
People take photos at the Mercedes-Benz booth during a press day of the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato/File Photoexpects the adjusted return on sales of its cars division for the full year to hit the lower end of its 12-14% forecast, the company said on Thursday, as it reported a drop in third-quarter earnings due partly to lower deliveries.
Earnings before interest and taxes across the Mercedes-Benz Group fell 6.8% to 4.8 billion euros with revenue down 1.4% at 37.2 billion euros. The cars division reported a 12.4% adjusted return on sales, at the lower end of the annual forecast. Mercedes-Benz Vans reported a stronger quarter with a 44% rise in EBIT to 715 million euros and an adjusted return on sales of 15%.a drop in overall sales of 4% in the third quarter, with top-end sales down 11%, partly caused by model changeovers and a supplier-induced shortage in 48-volt systems.
Car revenue dipped 3.8% due to the fall in deliveries but the average selling price remained stable, the company said. Looking ahead, it expects the rate of sales from the first three quarters to remain at around the same pace in the fourth quarter, and did not adjust its full-year sales target of flat growth.The United Auto Workers union reached a tentative labor deal on Wednesday with Ford Motor , the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September.
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