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    Tim Rokossa • Deutsche Bank AG

    Tim Rokossa's questions to Mercedes-Benz Group AG (MBGYY) leadership

    Tim Rokossa's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2025

    Question

    Tim Rokossa of Deutsche Bank AG inquired about potential short-term strategies to mitigate U.S. tariff impacts, such as mix management or price increases. He also asked about the sustainability of the positive sales trend observed in Europe.

    Answer

    CEO Ola Kallenius explained that while all levers are being considered, the company must be cautious with drastic short-term actions due to unpredictable market reactions in an asymmetric tariff environment. CFO Harald Wilhelm confirmed a healthy order intake in Europe, attributing it to a strong product portfolio like the E-Class and GLC, and expressed confidence that upcoming models like the new CLA would sustain this momentum.

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    Tim Rokossa's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2025

    Question

    Tim Rokossa of Deutsche Bank asked about short-term strategies to mitigate U.S. tariff impacts, including mix management and pricing. He also sought commentary on the sustainability of the positive sales trend observed in the European market.

    Answer

    CEO Ola Kallenius explained that while all levers are being considered, the company must exercise strategic patience and avoid drastic short-term actions due to market uncertainty. CFO Harald Wilhelm attributed the strong European order intake to the product portfolio, particularly the E-Class and GLC, and expects the new CLA to add momentum.

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    Tim Rokossa's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q2 2024

    Question

    Tim Rokossa from Deutsche Bank questioned how Mercedes-Benz plans to maintain high returns amid a tough macro environment and fears of industry-wide margin normalization. He also asked if the company's stable pricing outlook is realistic given visible pricing pressure in the luxury segment.

    Answer

    CEO Ola Kallenius acknowledged the tough market, particularly subdued consumer sentiment in China, but emphasized that the company's flexibility and resilience have delivered solid results. He stated that comparing the current period to the past is difficult due to the industry's transformation. Kallenius confirmed the strategy is to manage the volume-price equilibrium carefully, supported by new Top-End vehicle launches in H2, while relentlessly focusing on efficiency. He noted that while there is pressure across luxury industries, Mercedes has managed it decently.

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    Tim Rokossa's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2024

    Question

    Tim Rokossa from Deutsche Bank AG questioned the unexpectedly low 9% Cars margin in Q1, asking if a material improvement above 10% is expected in Q2. He also sought clarity on the industry-wide narrative of weak Q1 volumes resolving in H2, expressing concern about potential pricing pressure if all manufacturers ramp up production simultaneously.

    Answer

    Harald Wilhelm, an executive, acknowledged dissatisfaction with the 9% margin, calling Q1 the trough. He stated an ambition for a double-digit margin in Q2, driven by higher volumes and favorable raw material costs, with mix improvements from new Top-End models expected in H2. Wilhelm countered volume concerns by highlighting strong, price-stable demand for available products like the GLC and E-Class, asserting that product substance, not just availability, drives market dynamics.

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