The company posted global revenue of 37.5 billion euros ($41.27 billion), an 8% rise from 2022. The company’s global EBIT hit 5.5 billion euros, or $6.05 billion; a year-on-year growth of 5%. The company’s operating profit margin declined marginally from 16.4% a year ago to 14.8%.

Among the main drivers of Mercedes-Benz’s rise in revenue was its electric vehicle business. The company almost doubled its EV sales compared to Q1 of last year, with EVs accounting for 10% of its total sales.

Recent EV sales are good news for Mercedez-Benz, especially given the company’s aim to go fully electric by 2030. In preparation to meet this target, the luxury automaker will roll out electric versions of each of its models by 2025.

The post Mercedes Posts Strong Q1 Earnings Driven By EV Growth appeared first on theprimarymarket.com.

While vehicle prices surged following pandemic-driven supply chain bottlenecks and surging demand for private cars, prices have recently cooled off with market conditions returning to normal. The average consumer transaction price of a new vehicle in the U.S. was $48,008 in March; a 1.1% decline from the average price tag of $48,558 in February.

In March, the average transaction price for new non-luxury vehicles including brands such as Chevrolet, Ford, Hyundai, and Nissan, was $44,182; down $505 from February. The average retail price for luxury vehicles, on the other hand, remains above the MSRP.

Rebecca Rydzewski, an auto-industry researcher at Kelley Blue Book’s parent firm Cox Automotive observed the reasons behind the recent price decline for new vehicles in the U.S. “Right now, in-market consumers are finding more inventory, more choice and dealers more willing to deal, at least with some brands,” she explained.

Several top global automakers including the likes of Toyota Motor Corp reported a rise in first-quarter U.S. sales as supply chain bottlenecks are overcome and shipping is improved.

The post New Vehicle Prices Fall Below Suggested Price After Two Years appeared first on theprimarymarket.com.

Aside from the marginal year-on-year decline, the auto manufacturer experienced a strong end to 2022 with fourth-quarter sales rising by 17% following the easing of logistical bottlenecks.

Company sales across Europe and North America grew by 1% and 3% respectively, with China proving to be the only key region to suffer a sales decline with a 1% drop. Sales across the rest of the world fell by 27% following the company’s suspension of its operations in Russia following the invasion of Ukraine.

Mercedes-Benz’s electric vehicle sales surged in 2022, with the company’s battery-electric sales growing by 124% over the course of the year. The company’s high-end Maybach vehicles also performed well, with sales up 37% year-on-year. In contrast, sales of the company’s entry-level vehicles declined by 10%, with the company attributing the drop primarily to supply bottleneck issues.

Rival carmaker BMW also experienced a decline in annual sales, reporting a 4.8% drop following 2.4 million vehicle deliveries in 2022. Like Mercedes-Benz, BMW’s sales success was also affected by the Russia-Ukraine conflict.

The post Mercedes-Benz Announces Final Sales Figures of 2022 appeared first on theprimarymarket.com.

Customer research company J.D. Power and automotive forecaster LMC Automotive released a joint report this week showing that Americans have to pay $45,844 on average for a new vehicle. This represents the highest mark on record and is a 14.5 percent increase compared to 2021.

Increasing prices are set to result in sales drop compared to the same period of last year. The report forecasts 965,300 sold cars at the end of the month, which will represent a decrease of 18.2 percent. After the first half of last year set the record for vehicle sales, the first half of 2022 is expected to take a 19.1 percent plunge and settle at 5,827,300 units.

Despite increased prices and slumping sales, the new cars market is still expecting high demand in the following months, according to J.D. Power’s president of the data and analytics division, Thomas King.

“Vehicles continue to sell quickly, and a significant number of vehicles are being ordered – or purchased – by buyers before they arrive at the dealership,” King said while adding that demand remains “considerably higher” than supply.

The post New Vehicles in U.S. Set to Reach All-Time High Price in June appeared first on theprimarymarket.com.

The company posted global revenue of 37.5 billion euros ($41.27 billion), an 8% rise from 2022. The company’s global EBIT hit 5.5 billion euros, or $6.05 billion; a year-on-year growth of 5%. The company’s operating profit margin declined marginally from 16.4% a year ago to 14.8%.

Among the main drivers of Mercedes-Benz’s rise in revenue was its electric vehicle business. The company almost doubled its EV sales compared to Q1 of last year, with EVs accounting for 10% of its total sales.

Recent EV sales are good news for Mercedez-Benz, especially given the company’s aim to go fully electric by 2030. In preparation to meet this target, the luxury automaker will roll out electric versions of each of its models by 2025.

The post Mercedes Posts Strong Q1 Earnings Driven By EV Growth appeared first on theprimarymarket.com.

While vehicle prices surged following pandemic-driven supply chain bottlenecks and surging demand for private cars, prices have recently cooled off with market conditions returning to normal. The average consumer transaction price of a new vehicle in the U.S. was $48,008 in March; a 1.1% decline from the average price tag of $48,558 in February.

In March, the average transaction price for new non-luxury vehicles including brands such as Chevrolet, Ford, Hyundai, and Nissan, was $44,182; down $505 from February. The average retail price for luxury vehicles, on the other hand, remains above the MSRP.

Rebecca Rydzewski, an auto-industry researcher at Kelley Blue Book’s parent firm Cox Automotive observed the reasons behind the recent price decline for new vehicles in the U.S. “Right now, in-market consumers are finding more inventory, more choice and dealers more willing to deal, at least with some brands,” she explained.

Several top global automakers including the likes of Toyota Motor Corp reported a rise in first-quarter U.S. sales as supply chain bottlenecks are overcome and shipping is improved.

The post New Vehicle Prices Fall Below Suggested Price After Two Years appeared first on theprimarymarket.com.

Aside from the marginal year-on-year decline, the auto manufacturer experienced a strong end to 2022 with fourth-quarter sales rising by 17% following the easing of logistical bottlenecks.

Company sales across Europe and North America grew by 1% and 3% respectively, with China proving to be the only key region to suffer a sales decline with a 1% drop. Sales across the rest of the world fell by 27% following the company’s suspension of its operations in Russia following the invasion of Ukraine.

Mercedes-Benz’s electric vehicle sales surged in 2022, with the company’s battery-electric sales growing by 124% over the course of the year. The company’s high-end Maybach vehicles also performed well, with sales up 37% year-on-year. In contrast, sales of the company’s entry-level vehicles declined by 10%, with the company attributing the drop primarily to supply bottleneck issues.

Rival carmaker BMW also experienced a decline in annual sales, reporting a 4.8% drop following 2.4 million vehicle deliveries in 2022. Like Mercedes-Benz, BMW’s sales success was also affected by the Russia-Ukraine conflict.

The post Mercedes-Benz Announces Final Sales Figures of 2022 appeared first on theprimarymarket.com.

Customer research company J.D. Power and automotive forecaster LMC Automotive released a joint report this week showing that Americans have to pay $45,844 on average for a new vehicle. This represents the highest mark on record and is a 14.5 percent increase compared to 2021.

Increasing prices are set to result in sales drop compared to the same period of last year. The report forecasts 965,300 sold cars at the end of the month, which will represent a decrease of 18.2 percent. After the first half of last year set the record for vehicle sales, the first half of 2022 is expected to take a 19.1 percent plunge and settle at 5,827,300 units.

Despite increased prices and slumping sales, the new cars market is still expecting high demand in the following months, according to J.D. Power’s president of the data and analytics division, Thomas King.

“Vehicles continue to sell quickly, and a significant number of vehicles are being ordered – or purchased – by buyers before they arrive at the dealership,” King said while adding that demand remains “considerably higher” than supply.

The post New Vehicles in U.S. Set to Reach All-Time High Price in June appeared first on theprimarymarket.com.