Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Debt Investor Presentation (2023)
87 slides from Mercedes-benz's debt investor presentation, 2023
Slide 1: Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 Mercedes-Benz Group AG
Slide 2: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 3: Mercedes-Benz Group: Key figures
Internal 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 +5% +6% +8% 38.2 5.2 -3% 5.0 4.9 4.6 26.6 36.4 +137% 25.8 3.4 1.4 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022
Slide 4: Mercedes-Benz Group: Group EBIT
Internal Mercedes-Benz Group: Group EBIT In million euros 378 91 5,211 317 4,939 4,988 4,622 -176 -21 -223 • Legal proceedings + 73 • Legal proceedings - 18 • M&A transactions + 244 • Russia - 205 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjus
Slide 5: Reconciliation from CFBIT to Free Cash Flow
Internal Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 777 3,769 249 3,363 116 3,479 85 15 -1,532 t/o • Dividend DT + 321 • Legal proceedings + 116 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from Other reconciling (industrial I
Slide 6: Mercedes-Benz Group: Net Industrial Liquidity
Internal Mercedes-Benz Group: Net Industrial Liquidity In billion euros 4.3 1.6 28.9 -0.8 -1.6 -0.1 25.8 -5.6 -0.6 -0.3 Free cash flow industrial business Q2 2023: € 3.4 billion Additions to Dividend payment Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital p
Slide 7: Mercedes-Benz Group: Gross Liquidity
Internal Mercedes-Benz Group: Gross Liquidity inbillions in billionsof EURof EUR MBM Industrial Business 24.7 -5.7 5.5 -1.3 -0.6 4.3 -7.4 -0.2 -3.4 6.8 22.1 4.6 -0.6 3.4 20.2 18.7 Liquidity Dividend Share IB MBM Other ABS New Bond New FX + Other Liquidity Dec 2022 Payment Buyback FCF FCF Debt Maturi
Slide 8: Financial flexibility over a 12-month period Q2 2023
Internal Mercedes-Benz Group: Financial flexibility over a 12-month period Q2 2023 in billions of EUR 49,0 Other incl. ABS potential 41,1 Fin. Lease Commercial Daimler Truck paper Net industrial liquidity decreased to €25.8 billion due to stake dividend payment in May Credit facility Bank loans Gros
Slide 9: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 10: Mercedes-Benz Cars: Key messages
Internal Mercedes-Benz Cars: Key messages Performance: Strong growth in Top-End segment; BEV sales Mercedes-Benz Passenger Cars more than doubled Profitability: Solid results demonstrate resilience in challenging environment Products: Production start of new E-Class with MB.OS precursor; premiere of
Slide 11: Cars: Top-End and electric vehicle unit sales
Internal Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units +6% +51% 516 96 487 +12% 85 85* Top-End 75 11 G 75* 6 Maybach 9 64 61 BEV 5 277 38 AMG Core 273 32 31 thereof S EQS 40 43 32 35 PHEV 154 GLS Entry ** 139 EQS SUV Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Tot
Slide 12: Mercedes-Benz Cars: Financials
Internal Mercedes-Benz Cars: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros +6% +5% 515.7 +30% -1% 28.2 3.8 3.8 3.8 487.1 27.0 2.9 +5% 73.5* 70.3* Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 * ASP in thousand eur
Slide 13: Mercedes-Benz Cars: Q2 2023 EBIT & RoS
Internal Mercedes-Benz Cars: Q2 2023 EBIT & RoS In million euros Gross Profit +270 919 -337 3,792 41 3,833 52 3,812 40 3,852 -312 -77 -59 -207 RoS: RoS: RoS: RoS: 14.0% 14.2% 13.5% 13.6% Improved net pricing Increased unit sales Foreign exchange rates Higher raw material prices and one time commodit
Slide 14: Mercedes-Benz Cars: EBIT to CFBIT
Internal Mercedes-Benz Cars: EBIT to CFBIT In million euros 3,852 490 3,769 73 3,842 1,497 -482 -52 CCR: CCR: 1.0 1.0 -1,536 t/o • Inventories - 136 t/o • Trade receivables + 14 • BBAC Dividend + 897 • Trade payables - 360 • Result at-equity BBAC - 335 • Legal proceedings + 73 Net investments Deprec
Slide 15: Mercedes-Benz Vans: Key messages
Internal Mercedes-Benz Vans: Key messages Performance: Strong sales and order book in favourable market conditions Profitability: Solid net pricing and volume outweigh cost increases and inflation Products: Product portfolio fully electrified in each segment with start of sales for EQT* and eCitan S
Slide 16: Vans: Electric vehicle unit sales
Internal Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +19% +18% 120 5.1 100 4.3 thereof thereof Q2 2022 Q2 2023 Q2 2022 Q2 2023 Total MB Vans Battery electric vehicles Share in % of volume 4% 4% Fixed Income Presentation Q2 2023 16
Slide 17: Mercedes-Benz Vans: Financials
Internal Mercedes-Benz Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros +19% +25% +91% 119.5 5.1 792 +146% 819 100.1 4.1 414 333 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Fixed Income Presentation Q2 2023 1
Slide 18: Mercedes-Benz Vans: Q2 2023 EBIT & RoS
Internal Mercedes-Benz Vans: Q2 2023 EBIT & RoS In million euros Gross Profit +387 673 2 16 792 14 806 5 13 -288 -43 32 414 RoS: RoS: 382 15.5% 15.7% Strongly improved net pricing RoS: RoS: Significantly increased unit sales 9.3% 10.1% Higher material one time commodity charges, inflation and supply
Slide 19: Mercedes-Benz Vans: EBIT to CFBIT
Internal Mercedes-Benz Vans: EBIT to CFBIT In million euros 806 42 819 352 777 -283 105 -53 CCR: CCR: 1.0 1.0 -150 t/o • Inventories - 236 • Trade receivables + 39 t/o • Trade payables - 86 • Dividend FBAC + 107 • Legal proceedings + 42 Net investments Depreciation and CFBIT EBIT Change in working N
Slide 20: Mercedes-Benz Mobility: Key messages
Internal Mercedes-Benz Mobility: Key messages Business: Challenging market environment; Higher penetration rate for battery electric vehicles Profitability: Interest margin impacted by higher interest rates and increased competition Products: Ramp-up of Mercedes-Benz charging business started Russia
Slide 21: Mercedes-Benz Mobility: Financials
Internal Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros +9% 0% 15.4 131.4 131.3 14.1 -28% 624 448 Q2 2022 Q2 2023 03/31/2023 06/30/2023 Q2 2022 Q2 2023 Fixed Income Presentation Q2 2023 21
Slide 22: Mercedes-Benz Mobility: Q2 2023 EBIT & RoE
Internal Mercedes-Benz Mobility: Q2 2023 EBIT & RoE In million euros 60 624 0 624 -22 56 448 -245 -4 -21 RoE: RoE: 17.1% 17.1% RoE: 12.8% 172 Cost of credit risk development despite challenging environment -276 Interest margin impacted by higher interest rates and increased RoE: competition 4.9% • R
Slide 23: Mercedes-Benz Mobility: Net credit losses
Internal 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% 0.24% 0.18% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ytd. 2023 * As percentage of portfolio, subject to credit r
Slide 24: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 25: Mercedes-Benz Divisional Guidance 2023
Internal 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 second half of the year. Despite an ongoing monthly decrease in the rate of inflation, inflation is expected to remain above
Slide 26: Mercedes-Benz Group Guidance 2023
Internal 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 second half of the year. Despite an ongoing monthly decrease in the rate of inflation, inflation is expected to remain above aver
Slide 27: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 28: Our funding strategy is built on strict principles
Internal Our funding strategy is built on strict principles No dependence from single markets, instruments, banks or investors Targeting Diversification of funding sources and instruments: Financial Bank Loans, Bonds, ABS, Commercial Paper Independence No Covenants and asset pledges, no Credit Suppo
Slide 29: Portfolio at Mercedes-Benz Mobility remained stable compared to 2022
Internal Portfolio at Mercedes-Benz Mobility remained stable compared to 2022 Wholesale 163 154 151 140 Loan 133 134 132 131 Lease 117 Truck spin-off (Phase 1) 99 Truck Portfolio 84 spin-off (in bn €) (Phase 2) Others 72 74 71 68 62 64 58 58 Vans Acquisitions 48 (in bn €) 41 30 2013 2014 2015 2016 2
Slide 30: Mobility benefits from stringent credit management and solid refinancing
Internal Mercedes-Benz Mobility business benefits from stringent credit management and solid refinancing Net credit losses as a percentage of portfolio, subject to credit risk Due to softer used car markets and a challenging 0.89 0.83 economic environment, net credit losses increased, 0.61 but remai
Slide 31: Well balanced Bond Maturity Profile
Internal Well balanced Bond Maturity Profile in billions of EUR as of 30st June 2023 Issued in 2023 11.9 Maturities 0.6 8.5 1.6 7.3 2.5 11.3 4.6 4.6 4.5 0.1 1.0 6.9 3.2 3.1 1.1 2.4 4.8 4.5 3.6 1.3 1.0 2.1 0.5 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2034 2037 Fixed Income Presentation Q2 20
Slide 32: Financing liabilities show a diversified funding mix
Internal 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% 109.3 2% 15% 0% 25% 1% 1% 11% 15% 2% 4% 22% 15% 9% 8% 19% 22% 22% 5
Slide 33: Balanced mix of funding instruments for sustainable portfolio growth
Internal 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% Glob
Slide 34: Diversified global funding base matched with MBM requirements
Internal 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 Bon
Slide 35: Financial KPIs set to support a strong rating
Internal 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+ Scope: A positive S-1 DBRS: A (low) stable R-1 (low) Fixed Income Presentation Q2 2023 35
Slide 36: Contributions stabilized funded ratio in low interest rate environment
Internal Contributions stabilized funded ratio in low interest rate environment Daimler Group Mercedes-Benz Group (excl. Truck) 14 11.5 12 10 8.6 7.8 8.1 Significant contri- in EUR bn 7.4 8 6 4.5 4.3 5.9 4.3 butions since 2013 3.7 4 3.1 1.9 2.4 support the solid 1.5 2 0.5 0.5 0.5 0.6 0.5 0.1 0.5 0 c
Slide 37: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 38: Holistic sustainable business strategy
Internal 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 Q2 2023 38
Slide 39: Proportional CO2 impact along the value chain
Internal 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 Q2 2023 39
Slide 40: Halve lifecycle CO2 emissions per vehicle this decade
Internal We will at least halve lifecycle CO2 emissions per vehicle 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 Presentatio
Slide 41: At the end of the decade, our focus will be on BEV only
Internal 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 up to 50% by mid-decade. By the end of the decade, we will be
Slide 42: On the way to an all-electric future
Internal 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
Slide 43: Partners expand battery cells and systems activities
Internal 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
Slide 44: By joining ACC, we build a European battery champion
Internal 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
Slide 45: Own plants producing 100% net carbon-neutral
Internal 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 M
Slide 46: Factory 56 is a zero-carbon factory
Internal Our Factory 56 is a zero-carbon factory and 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
Slide 47: Clean energy used and produced in production
Internal 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
Slide 48: Water usage reduction and sustainable heat supply
Internal 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 W
Slide 49: Sustainable supply chains for focus materials
Internal 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 T
Slide 50: Green and net carbon-neutral supply chain
Internal 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 R
Slide 51: Closing the loop on batteries through recycling
Internal Mercedes-Benz is closing the loop on batteries through sustainable recycling Own CO2-neutral recycling plant in Kuppenheim, southern Germany start operations in summer 2024 with the first phase - shredding batteries - in 2023 >96% Hydrometallurgy: Innovative technology increases recovery ra
Slide 52: People plan: Re-shape, Re-skill, Re-charge
Internal 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
Slide 53: Transparency and direct communication with shareholders
Internal 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 E P O R TING Fixed Income Presentation Q2 2023 53
Slide 54: We finance our transformation sustainably
Internal 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 B
Slide 55: Substantial progress in our climate efforts
Internal 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 Q2 2023 55
Slide 56: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 57: The original and most valuable luxury car brand
Internal 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 Q2 2023 57
Slide 58: There's no luxury without sustainability
Internal Zeitgeist relevance: There’s no luxury without sustainability Our sustainability goals: 2022 Mid-Decade 2030 2039 Net carbon-neutral Up to ready to go all electric Net carbon-neutral production 50% xEVs where market conditions allow Fixed Income Presentation Q2 2023 58
Slide 59: Approaching our customers
Internal Approaching our customers 20 80% 25% Fixed Income Presentation Q2 2023 59
Slide 60: Exclusivity: progress with top-end vehicles
Internal 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 Q2 2023 60
Slide 61: Our game plan: returns consistent with luxury status
Internal 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 pro
Slide 62: The power of pricing is part of our strategy
Internal 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 gri
Slide 63: Reshaped model portfolio will drive profitable sales growth
Internal Reshaped model portfolio will drive profitable sales growth Change of Mercedes-Benz 2021-2026 segment share in 2.3 m cars 1.9 m cars Car Sales CAGR approx. 5% p.a. 2026 vs. 2019 Around Top-End Luxury +60% Core Luxury 0% Entry Luxury -25% 2019 2021 2026 Fixed Income Presentation Q2 2023 63
Slide 64: Entry Luxury – Focus & Elevate
Internal Entry Luxury – Focus & Elevate - Elevate to Entry Luxury 680k 570k - Product range refocused on fewer and more upscale portfolio positions: 4 bodystyles instead of 7 -25% - The new entrance point of the portfolio is being redefined with the next around +20% significantly up generation of ve
Slide 65: Core Luxury – Grow & Refine
Internal Core Luxury – 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 - Very attractive C-Class in the market GLC launched end of 2022 Brand new E-Class in 2023 around +25% regular price adjustment
Slide 66: Top-End Luxury – Expand & Enhance
Internal Top-End Luxury – 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 adjustme
Slide 67: Changing our economic equation
Internal 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
Slide 68: Financial ambitions for Mercedes-Benz Cars in 2025
Internal 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.
Slide 69: Agenda
Internal AGENDA I. Mercedes-Benz Group Review Q2 2023 II. Divisional Review Q2 2023 III. Outlook FY 2023 IV. Funding V. Sustainability VI. Luxury Strategy VII. Operating System
Slide 70: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 70
Slide 71: Purpose-built and open to partners
Internal 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 overt-the-air updatability and decoupled software and hardware releases Fixed Income Presentation Q2 2023 71
Slide 72: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 72
Slide 73: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 73
Slide 74: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 74
Slide 75: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 75
Slide 76: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 76
Slide 77: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 77
Slide 78: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 78
Slide 79: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 79
Slide 80: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 80
Slide 81: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 81
Slide 82: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 82
Slide 83: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 83
Slide 84: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 84
Slide 85: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 85
Slide 86: Internal Fixed Income Presentation Q2 2023
Internal Fixed Income Presentation Q2 2023 86
Slide 87: Disclaimer
Internal 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 forwa
Mercedes-Benz Group — Debt Investor Presentation (2023) on 6ix