Mercedes-Benz Group (MBGAF) just reported its quarterly results. Elevating inflation, a ~330-million-euro impairment from foreign exchange, and the changing supply logistics implying related additional costs spoiled Q3 figures: Q3 GAAP earnings per share came in at €3.44. The share of the annual profit attributable to shareholders of Mercedes-Benz Group AG amounted to EUR 3,636 million (vs. EUR 3,923 million in Q3 2022). Sales were 37.2 billion euros (-1.4% YoY).

Operationally across segments, Mercedes-Benz Cars sold 510,600 units in the reporting quarter of 2023 (Q3 2022: 530,400 units), while Mercedes-Benz Vans sold 105,100 vehicles worldwide over the same period of 2023 (Q3 2022: 104,000 vehicles). Global sales of fully electric vans increased to 6,300 units in Q3 2023 (Q3 2022: 3,100 units).

The company provided the following outlook: first of all, the German classic carmaker described the market environment as “subdued” and “marked by intense price competition, particularly in the electric vehicle segment”. Mercedes-Benz Cars expects the full-year results for 2023 to be as follows: Sales volume will be the same as the previous year; Adjusted return on sales: 12 to 14%; Adjusted cash conversion rate: 0.8 to 1.0.