AutoBeta(AutoBeta.net)03/15 Report--

On March 15, Beijing Automobile disclosed financial information about Beijing Mercedes-Benz on the Hong Kong Stock Exchange. According to the data, Beijing Mercedes-Benz earned 24.82 billion euros (183.829 billion yuan) in 2022, compared with 21.288 billion euros (157.67 billion yuan) in the same period last year. Profits from continuing operations after taxes reached 3.649 billion euros (27.026 billion yuan), compared with 3.205 billion euros (23.738 billion yuan) in the same period last year.

Data show that Beijing Auto owns four vehicle segments: Beijing Automobile, Beijing Mercedes-Benz, Beijing Hyundai and Fujian Mercedes-Benz, of which more than 95% of the revenue comes from Beijing Mercedes-Benz, which proves the importance of Beijing Mercedes-Benz to BAIC. In the first half of 2022, Beijing Automobile achieved revenue of 83.679 billion yuan, down 7.41 percent from the same period last year; net profit attributable to the company's equity holders was 2.158 billion yuan, down 21.75 percent from the same period last year. According to the plate, the revenue of Beijing Mercedes-Benz in the first half of 2022 was 81.474 billion yuan, and the revenue of Beijing brand was 2.263 billion yuan. In other words, Beijing Mercedes-Benz accounts for 97.37% of Beijing Automotive's total revenue, while Beijing's own brands account for only 2.63% of the company's revenue.

In 2022, Mercedes-Benz delivered 2.0439 million passenger cars to customers worldwide, down 1 per cent from a year earlier. In Asia, Mercedes-Benz passenger car sales were almost flat, rising 1 per cent year-on-year to 987800 vehicles, with China still the world's largest single market, but due to the COVID-19 epidemic and parts shortages, full-year sales fell 1 per cent to 751700.

In 2018, the Mercedes-Benz EQ series began to launch on the market, launching EQA, EQB and EQC one after another, but these three models are actually only GLA, GLB and GLC fuel-to-electric models, failed to shoulder the banner of Mercedes-Benz pure electric vehicle sales, the terminal market performance has been poor, and has been criticized for its quality problems. Later, EQS, EQE, EQS SUV and other models came on the market, although these models are electric vehicles built on a new platform, but the price is very expensive.

According to public data, the global delivery volume of Mercedes-Benz's pure electric vehicles was 117800 in 2022, accounting for only 5.8% of the total sales, while the performance of Mercedes-Benz EQ series in the Chinese market is even worse. In fact, in the luxury new energy vehicle market, the sales of luxury brand new energy products, including Mercedes-Benz, are not optimistic in the Chinese market. Although the delivery volume of Mercedes-Benz new energy vehicles (including pure electric models and plug-in hybrid models) in China increased by 143% year on year in 2022, its delivery volume still lags far behind that of local new power brands such as Ulay and ideal.

On March 7th, Beijing Mercedes-Benz sales and Service Co., Ltd. announced important personnel appointments: the company's President and Chief Executive Officer Yang Ming (Jan Madeja) will return to his headquarters in Germany at the end of his nearly four-year term in the Chinese market, and Duan Jianjun, Chief operating Officer, will take over as President and CEO of Mercedes-Benz sales Company. The above appointments will take effect on May 1, 2023.

It is understood that Duan Jianjun is the first Chinese president and CEO in the history of a multinational car company. Volkswagen, Audi and BMW have never had a precedent. It is obvious that the personnel adjustment carried out by Mercedes-Benz in China is a major move to "prepare in advance" for future development. The appointment of Duan Jianjun not only broke the first Mercedes-Benz sales leader in the history of Mercedes-Benz business in China, but also set a precedent for a multinational company.

In 2023, Mercedes-Benz will also launch six new pure electric models and plug-in hybrid models, including brand new EQS pure electric SUV, brand new EQE pure electric SUV, Mercedes-Benz S-Class (hybrid) cars, Maybach EQS pure electric SUV and plug-in hybrid models, forming 17 new energy product matrices that fully cover the new generation of luxury, core luxury and high-end luxury market segments.

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