Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Debt Investor Presentation (2023)
90 slides from Mercedes-benz's debt investor presentation, 2023
Slide 1: Fixed Income Presentation Q3 2023
Fixed Income Presentation Q3 2023 Mercedes-Benz Group AG
Slide 2: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 3: Mercedes-Benz Group: Key figures
Mercedes-Benz Group: Key figures Revenue EBIT EBIT adj. Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in billion euros in billion euros in billion euros -1% -8% -7% 37.7 5.3 +7% 37.2 5.2 4.8 4.9 28.5 -22% 26.6 3.0 2.3 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q
Slide 4: Mercedes-Benz Group: Group EBIT
Mercedes-Benz Group: Group EBIT In million euros 5,196 148 5,344 197 312 4,915 4,842 -73 -724 -214 • Legal proceedings + 97 • M&A transactions + 51 • Legal proceedings -73 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjusted Adjustments Q3 2022 C
Slide 5: Reconciliation from CFBIT to Free Cash Flow
Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 980 102 2,449 139 2,347 2,148 133 43 -1,096 • Legal proceedings + 121 • M&A - 19 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from Other reconciling (industrial Interest received (ind
Slide 6: Mercedes-Benz Group: Net Industrial Liquidity
Mercedes-Benz Group: Net Industrial Liquidity In billion euros 1.6 2.9 0.2 0.9 28.5 25.8 -0.3 -2.1 -0.5 Free cash flow industrial business Q3 2023: € 2.3 billion Additions to Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital property, plant, Share Liquidity o
Slide 7: Mercedes-Benz Group: Gross Liquidity
Mercedes-Benz Group: Gross Liquidity inbillions in billionsof EURof EUR MBM Industrial Business 7.9 -2.0 24.7 -5.8 -3.4 12.0 -0.3 22.0 4.6 -5.3 5.3 -9.9 -1.1 3.3 20.2 18.7 Liquidity Dividend Share IB MBM Other ABS New Bond New FX + Other Liquidity Dec 2022 Payment Buyback FCF FCF Debt Maturities ABS
Slide 8: Financial flexibility over a 12-month period Q3 2023
Mercedes-Benz Group: Financial flexibility over a 12-month period Q3 2023 in billions of EUR 50,8 ABS potential Other incl. 38,6 Fin. Lease Net industrial liquidity increased to €28.5 billion Daimler Truck Commercial stake paper Gross industrial liquidity at €18.7 billion Credit facility Bank loans
Slide 9: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 10: Mercedes-Benz Cars: Key messages
Mercedes-Benz Cars: Key messages Performance: Strong growth of G and Maybach; GLC and E-Class deliveries impacted by 48V supply constraint Profitability: Solid results and improved net pricing demonstrate resilience in challenging environment Products: Premiere of Concept CLA, all-new AMG GT Coupé a
Slide 11: Mercedes-Benz Cars: Top-End and electric vehicle unit sales
Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units +21% -4% 530 102 511 -11% Top-End 79 79* 70 85 9 70* 5 10 G 62 BEV 7 Maybach 37 Core 293 290 36 30 AMG thereof S 48 41 EQS 41 PHEV Entry ** 158 36 151 GLS EQS SUV Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Total MBC T
Slide 12: Mercedes-Benz Cars: Financials
Mercedes-Benz Cars: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -4% -4% 530.4 510.6 28.2 -18% 27.1 4.1 -38% 3.6 3.4 2.2 75.4* -1% 74.6* Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 * ASP in thousand euros excl.
Slide 13: Mercedes-Benz Cars: Q3 2023 EBIT & RoS
Mercedes-Benz Cars: Q3 2023 EBIT & RoS In million euros Gross Profit -829 Net pricing 4,034 47 4,081 -101 -329 50 37 6 13 3,357 3,312 others -399 -45 RoS: RoS: 14.3% 14.5% RoS: RoS: Improved net pricing Lower raw material prices 12.4% 12.2% Lighter product mix in Q3 Decreased unit sales due to 48V s
Slide 14: Mercedes-Benz Cars: EBIT to CFBIT
Mercedes-Benz Cars: EBIT to CFBIT In million euros 3,312 120 -492 1,512 2,148 47 2,195 -376 CCR: CCR: 0.6 0.7 -1,928 t/o • Inventories - 909 • Trade receivables - 79 t/o • Legal proceedings + 66 • Trade payables + 496 • Result at-equity BBAC - 539 • M&A - 19 Net investments Depreciation and CFBIT EB
Slide 15: Mercedes-Benz Vans: Key messages
Mercedes-Benz Vans: Key messages Performance: Stable sales in core regions; eVans more than doubled Profitability: Strong results with solid net pricing and healthy product mix outweighing supply chain related cost increases Products: Preview of new EQV, V-Class, V-Class Marco Polo as well as eVito
Slide 16: Mercedes-Benz Vans: Electric vehicle unit sales
Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +1% +105% 104 105 6.3 thereof 3.1 thereof Q3 2022 Q3 2023 Q3 2022 Q3 2023 Total MB Vans Battery electric vehicles Share in % of volume 3% 6% Fixed Income Presentation Q3 2023 16
Slide 17: Mercedes-Benz Vans: Financials
Mercedes-Benz Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros +1% +15% +96% 104.0 105.1 4.9 1,035 +36% 4.3 743 546 529 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Fixed Income Presentation Q3 2023 17
Slide 18: Mercedes-Benz Vans: Q3 2023 EBIT & RoS
Mercedes-Benz Vans: Q3 2023 EBIT & RoS In million euros Gross Profit +315 546 -24 -207 -18 -8 743 -37 715 -56 -28 49 546 497 RoS: RoS: RoS: Strongly improved net pricing 15.0% 14.5% RoS: 12.7% Significantly improved product mix 11.5% Lower raw material prices Higher inflation and supply chain relate
Slide 19: Mercedes-Benz Vans: EBIT to CFBIT
Mercedes-Benz Vans: EBIT to CFBIT In million euros 55 1,035 159 980 134 0 104 715 -132 CCR: CCR: 1.4 1.4 t/o • Inventories + 21 • Trade receivables + 90 • Trade payables + 24 • Legal proceedings + 55 Net investments Depreciation and CFBIT EBIT Change in working Net financial CFBIT in pp&e and amorti
Slide 20: Mercedes-Benz Mobility: Key messages
Mercedes-Benz Mobility: Key messages Business: Competitive market environment and continued support of BEV ramp-up with positive IRA effect on penetration rate in US Performance: Interest margin impacted by higher interest rates and elevated cost of credit risk driven by macroeconomic environment St
Slide 21: Mercedes-Benz Mobility: Financials
Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros +7% +2% 15.2 133.8 131.4 14.3 -37% 577 363 Q3 2022 Q3 2023 06/30/2023 09/30/2023 Q3 2022 Q3 2023 Fixed Income Presentation Q3 2023 21
Slide 22: Mercedes-Benz Mobility: Q3 2023 EBIT & RoE
Mercedes-Benz Mobility: Q3 2023 EBIT & RoE In million euros 577 0 577 -37 -21 68 363 0 363 2 RoE: RoE: -190 15.8% 15.8% -36 Interest margin impacted by higher refinancing cost and increased competition RoE: RoE: Ramp-up of charging business 10.4% 10.4% Higher cost of credit risk mainly driven by cha
Slide 23: Mercedes-Benz Mobility: Net credit losses
Mercedes-Benz Mobility: Net credit losses* in thousand units 0.89% 0.83% 0.51% 0.43% 0.37% 0.34% 0.33% 0.31% 0.31% 0.26% 0.26% 0.24% 0.21% 0.21% 0.27% 0.20% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ytd. 2023 * As percentage of portfolio, subject to credit risk. Fixe
Slide 24: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 25: Mercedes-Benz Divisional Guidance 2023
Mercedes-Benz Divisional Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued in the rest of the year. Above all, the still above-average inflation in many places and the persistently restrictive monetary policy of key
Slide 26: Mercedes-Benz Group Guidance 2023
Mercedes-Benz Group Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued in the rest of the year. Above all, the still above-average inflation in many places and the persistently restrictive monetary policy of key cent
Slide 27: Fixed Income Presentation Q3 2023
Fixed Income Presentation Q3 2023 27
Slide 28: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 29: Our funding strategy is built on strict principles
Our funding strategy is built on strict principles Targeting Financial Maximizing Financial Stringent Global Independence Flexibility Funding Policy No dependence from single Keeping prudent amount of Liquidity matched funding markets, instruments, banks or Cash and Committed Credit investors Facili
Slide 30: Portfolio at Mercedes-Benz Mobility remained stable compared to 2022
Portfolio at Mercedes-Benz Mobility remained stable compared to 2022 Wholesale 163 154 151 140 Loan 133 134 132 134 Lease 117 Truck spin-off (Phase 1) 99 Truck Portfolio 84 spin-off (in bn €) 74 (Phase 2) Others 71 72 68 62 64 58 58 Vans 48 45 41 Acquisitions (in bn €) Cars 2013 2014 2015 2016 2017
Slide 31: Mercedes-Benz Mobility benefits from stringent credit management and solid refinancing
Mercedes-Benz Mobility business benefits from stringent credit management and solid refinancing Net credit losses as a percentage of portfolio, subject to credit risk Net credit losses increased, mainly driven by the US 0.89 0.83 retail segment. 0.61 Risks lean toward the upside with a tense 0.50 0.
Slide 32: Well balanced bond maturity profile
Well balanced bond maturity profile in billions of EUR as of 30th September 2023 Issued in 2023 12.1 Maturities 0.6 10.4 9.2 3.4 4.3 11.5 4.6 4.6 0.1 4.1 1.0 7.0 3.1 1.9 2.4 2.0 4.9 4.5 1.7 3.6 1.3 2.2 0.7 0.5 1.0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2034 2037 Fixed Income Presentation
Slide 33: Financing liabilities show a diversified funding mix
Financing liabilities show a diversified funding mix in billions of EUR Lease Liabilities Acc. Deposits Other (ex Lease Liab.) Bank Loans Com. Paper Bonds ABS 161.8 3% 145.8 3% 9% 1% 1% 2% 125.8 2% 8% 11% 0% 1% 10% 111.8 2% 109.0 2% 15% 0% 25% 1% 1% 11% 15% 2% 15% 3% 22% 9% 7% 19% 22% 22% 53% 53% 53
Slide 34: Balanced mix of funding instruments
To ensure sustainable portfolio growth, we mitigate risk and volatility through a balanced mix of funding instruments Capital Markets Strengthen our global footprint and use market opportunities Deepen our excellent Other Lease Liabilities Bank Loans bank relationships 1% Bank loans 2% Globally expa
Slide 35: Diversified global funding base matched with MBM requirements
Diversified global funding base: continuously matched with MBM requirements Canada EMTN Domestic Bonds CP Prog. Europe ABS EMTN Program Japan EUR CP Program Domestic CP Prog. USA Italy & Hungary: China EMTN 144a / RegS PP - Domestic Bonds Turkey ABS Domestic Bond Prog. EMTN ABS Domestic Bond Prog. A
Slide 36: Financial KPIs set to support a strong rating
Mercedes-Benz Group’s financial KPIs set to support a strong rating Agency Long-term Outlook Short-term Standard & Poor's: A stable A-1 Moody’s: A2 stable P-1 Current Ratings: Fitch: A stable F1+ DBRS: A (low) stable R-1 (low) Scope: A positive S-1 Fixed Income Presentation Q3 2023 36
Slide 37: Funded Ratio of pension obligations remains above 100%
Funded Ratio of pension obligations remains above 100% Daimler Group Mercedes-Benz Group (excl. Truck) 14 11.5 12 10 8.6 8.1 7.4 7.8 Pension contri- in EUR bn 8 5.9 6 3.1 4.5 3.7 4.3 4.3 butions support the 4 2.4 2 0.5 1.9 0.5 0.5 0.6 0.5 1.5 0 solid capital 0 structure: no more -2 -0.1 -0.9 2013 20
Slide 38: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 39: Holistic sustainable business strategy
We follow a holistic sustainable business strategy: Ecological, social, economical Climate & Air Protection Human Resource Rights Conservation Integrity People Data Sustainable Responsibility Urban Mobility Partnerships Traffic Safety Fixed Income Presentation Q3 2023 39
Slide 40: Proportional CO2 impact along the value chain
Supply chain Production & logistics Well-to-tank Tank-to-wheel End-of-life TODAY’S PROPORTIONAL CO2 IMPACT ALONG THE VALUE CHAIN 49.7 tCO2 in 2020 - 47.8 tCO2 in 2022 - more than half per decade Fixed Income Presentation Q3 2023 40
Slide 41: We aim to at least halve CO2 emissions per passenger car
We aim to at least halve CO₂-emissions per passenger car in this decade* 100% More than half per decade End-of-life Use phase Use phase Production & Production & logistics logistics Supply chain & Supply chain raw materials 2020 2030 * when market conditions allow Fixed Income Presentation Q3 2023 4
Slide 42: At the end of the decade, our focus will be on BEV only
At the end of the decade, our focus will be on BEV only By 2025, our customers will be able to choose an all-electric alternative for every model we make 2020 EQV It’s our ambition to drive the plug-in hybrid & BEV share 2021 EQV of passenger cars up to 50% by mid-decade. By the end of the decade, M
Slide 43: Platform logic: all signs on electric
Strategic target of our platform logic: all signs on “electric “ THREE STEPS TO ELECTRIFY OUR PORTFOLIO today EQA EQB EQV EQE EQE SUV EQS EQS SUV Mercedes-Maybach EQE AMG EQE SUV AMG EQS AMG EQS SUV CLA CLA Shooting GLA GLB Brake MB.EA AMG.EA VAN.EA 1 “Electric First“ Skateboard, intelligent module
Slide 44: Concept CLA Class and Modular Architecture
Elevating sustainability with the Concept CLA Class and the Mercedes-Benz Modular Architecture Next-generation Mercedes-Benz Electric Drive Unit (MB.EDU) with up to 93% efficiency from battery to wheels in long-distance driving Consumption of ~12 kWh/100 km (~5.2 mi/kWh) 15 min charging Range of mor
Slide 45: On the way to an all-electric future
We are on the way to an all-electric future - MMA followed by three “electric only” architectures mid-decade MEDIUM AND FULL-SIZE CARS PERFORMANCE ELECTRIC NEW ERA Scalable modular system for VEHICLES For electric vans and light our EV portfolio Architecture commercial vehicles Fixed Income Presenta
Slide 46: Expanding activities in battery cells and systems with partners
Together with our partners, we will expand our activities in battery cells and systems Our target: Capacity of more than 200 Gigawatt hours by 2023 Needed battery volume for all car lines Local-for-local strategy with partners and new cell factories 200 Gwh around the world Envision AESC Cell prod
Slide 47: By joining ACC, we build a European battery champion
By joining ACC, we build a European battery champion We take a one third stake in Automotive Cells Company (ACC). Our goal: Joint development and production of cells and modules in Europe. ACC will reach a capacity of at least 120 Gigawatt hours in Europe by the end of the decade. ACC will supply Me
Slide 48: Own plants world-wide producing net carbon-neutral
All of our own Mercedes-Benz plants world-wide are producing 100% net carbon-neutral Together with our EV strategy, Mercedes-Benz global production network net carbon-neutral production is a key driver of Ambition 2039 Since the beginning of 2022, production sites worldwide fully owned by Mercedes-B
Slide 49: Factory 56 serves as a blueprint
Our Factory 56 serves as a blueprint for our global Mercedes-Benz production network At our Factory 56 in Sindelfingen producing more sustainable is already reality The innovative energy concept includes a photovoltaic system, a DC power grid and energy storage based on reused vehicle batteries Self
Slide 50: Net carbon-neutral production and on-site clean energy
Having achieved net carbon-neutral production in 2022, not only do we use clean energy in production, we also produce it It is our ambition to make all Mercedes- Benz factories renewable energy production sites Maximising our on-site photovoltaic systems worldwide by 2025 – adding up to 140 MWp new
Slide 51: Water usage reduction and sustainable heat supply
Water usage reduction and a sustainable heat supply are cornerstones in reducing our ecological footprint Our use of water will be cut by 35% by 2030 thanks to multi-reuse of water in production We boost the sustainability of our plants’ heat supply, especially focusing on our paint shops We plan to
Slide 52: Sustainable supply chains for focus materials
We create sustainable supply chains for focus materials via technology changes ~90% Steel – CO2 reduction: optimised of our annual purchasing volume is supplied by companies that follow our conventional ambition to become net carbon-neutral Base green electricity Aluminium sheet/cast H2GS Thermoplas
Slide 53: Green and net carbon-neutral supply chain
We are establishing a green and net carbon-neutral supply chain Raw In the future, raw materials for battery materials Processed components only from IRMA-certified mines materials & components Cooperation with strategic partners, e. g. for lithium Recycling hydroxide with German-Canadian Rock Tech
Slide 54: Closing the loop on batteries through recycling
Mercedes-Benz is closing the loop on batteries through sustainable recycling Own net carbon-neutral recycling plant in Kuppenheim, southern Germany start operations in 2024 with the first phase - shredding batteries - soon >96% Hydrometallurgy: Innovative technology increases recovery rate to more t
Slide 55: Re-shape, Re-skill, Re-charge
Our people plan focuses on a just transition for our employees 3,000 Re-shape positions filled with Individual target plans for our entities, plants Realignment of our global production network towards electric vehicles and streamlining our organisation software engineers and functions in a responsi
Slide 56: Transparency and direct communication with shareholders
We provide transparency and support direct communication with our shareholders Multi-platform-based shareholder communication & Comprehensive disclosure according to capital market standards & frameworks C O M M U NICA TION R EPOR TING Fixed Income Presentation Q3 2023 56
Slide 57: We finance our transformation in a sustainable manner
We finance our transformation in a sustainable manner GREEN FINANCE FRAMEWORK REVOLVING CREDIT FACILITY GREEN PANDA BOND In line with Ambition 2039 In line with Ambition 2039 First automaker to issue a Green Panda Bond “DARK GREEN” by CICERO 11 billion euros linked to carbon footprint and BEV share
Slide 58: Substantial progress in our climate efforts
We are making substantial progress in our climate efforts 230 of companies worldwide received an A rating from CDP1 for their climate efforts – Mercedes-Benz is one of them 1 Carbon Disclosure Project Fixed Income Presentation Q3 2023 58
Slide 59: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 60: The original and most valuable luxury car brand
Mercedes-Benz – The original and most valuable luxury car brand Heritage: Formula 1: Mercedes-Benz is built on constant reinvention The power of F1 for our brand 37% female 54% under 35 823 m fans Source: Interbrand Best Global Brands 2021 Fixed Income Presentation Q3 2023 60
Slide 61: Luxury and sustainability belong together
Luxury and sustainability belong together Therefore, we follow an ambitious decarbonization strategy 2022 2030 2039 Net carbon-neutral Mercedes-Benz Cars is ready to go Net carbon-neutral vehicle production all electric new car fleet wherever market conditions allow along entire value chain in our o
Slide 62: Approaching our customers
Approaching our customers 20 80% 25% Fixed Income Presentation Q3 2023 62
Slide 63: Exclusivity: progress with top-end vehicles
Exclusivity: Significant progress with our top-end vehicles and increasingly electric with even more conquest potential +27% ~60% Expected growth of top-end vehicle share Top-end vehicle unit sales in 2022 vs. 2019 of total Mercedes-Benz sales 2019-2026 Fixed Income Presentation Q3 2023 63
Slide 64: Our game plan: returns consistent with luxury status
Our game plan: generate returns consistent with our luxury status - Focus on pricing power - Drive ASP higher - Optimise product portfolio - Find a superior operating equilibrium - Tap full potential of top-end segment - Structurally higher profitability and improved - Exit lower margin products mar
Slide 65: The power of pricing is part of our strategy
The power of pricing is part of our strategy Key Levers - Superior brand drives pricing power - Strong products enable ambitious initial price setting versus competition - Sustainable price escalation - Tight discounts: from sales push to lifecycle management - Direct sales model allows grip on pric
Slide 66: Reshaped model portfolio will drive profitable sales growth
Reshaped model portfolio will drive profitable sales growth Change of Mercedes-Benz segment share in 2.3 m cars 1.9 m cars Car Sales 2026 vs. 2019 Around Top-End +60% Core 0% Entry -25% 2019 2021 2026 Fixed Income Presentation Q3 2023 66
Slide 67: Entry Segment – Focus & Elevate
Entry Segment – Focus & Elevate - Elevate to Entry Luxury 680k 570k - Product range refocused on fewer and more upscale portfolio positions: MMA platform with CLA, CLA Shooting -25% Brake, GLA and GLB - The new entrance point of the portfolio around +20% significantly up is being redefined with the
Slide 68: Core Segment – Grow & Refine
Core Segment – Grow & Refine - Core Luxury going electric on an accelerated timescale, leveraging EVA 1.350k 1.030k (EQE, EQE-SUV) and then MB.EA architectures flat - Brand-new GLC Coupé, CLE Coupé and E-Class Saloon & Estate launched in 2023 - Protect healthy margins on the way to around +25% regul
Slide 69: Top-End Segment – Expand & Enhance
Top-End Segment – Expand & Enhance - Starting point: Over 300k top-end luxury units with ASP of > € 100k and 250k 305k top-end profitability - Sustainable segment growth +60% - Desirable products fueling growth: EQS, EQS-SUV, EQS-SUV Maybach, SL, GT, AMG.EA around +15% regular price adjustments - Ul
Slide 70: Changing our economic equation
Changing our economic equation - Enhance ROIC: control the denominator while raising the numerator (operating and cash margins) - Drive growth through high utilisation, ‚reverse auction‘ of available capacity to build the most profitable models - 75% of capital allocation focused on top-end and core
Slide 71: Financial ambitions for Mercedes-Benz Cars in 2025
Our financial ambitions for Mercedes-Benz Cars in 2025: structurally higher profitability and lower margin volatility Market level, competitive actions, commodity and raw material markets > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 > -20% vs. 2019 approx. 8%/10% a
Slide 72: Agenda
AGENDA I. Mercedes-Benz Group Review Q3 2023 II. Divisional Review Q3 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
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Slide 74: Purpose-built and open to partners
1. Purpose-built and open to partners 2. Personalized services through one unique Mercedes me ID 3. Privacy-by-design from th e very beginning 4. Full over-the-air updatability and decoupled software and hardware releases Fixed Income Presentation Q3 2023 74
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Slide 90: Disclaimer
Disclaimer This document contains forward-looking statements that reflect our current views about future events. The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “can”, “could”, “plan”, “project”, “should” and similar expressions are used to identify forward-lookin
Mercedes-Benz Group — Debt Investor Presentation (2023) on 6ix