Despite the diesel crisis and cartel entanglement: Daimler has sold more cars than ever before. But the good numbers have hardly any consequences on the stock market.
Dieter Zetsche (archive)
Wednesday, 26.07.2017
12:13 clock
Despite the debates about diesel manipulation and driving bans, the auto company has Daimler made big profits again. In the second quarter, sales and profits increased thanks to the continued upswing at Mercedes-Benz, as the Dax company announced. This is mainly due to the models of the new E-Class and city SUVs, which are well received by customers.
However, the presentation of the figures was overshadowed by the debate the practice revealed by SPIEGEL more detailed, over decades lasting collusion between the car manufacturers Volkswagen, Porsche, Audi, BMW and Daimler. The companies deliberately overruled the competition with these agreements, according to the accusation. Chief Executive Dieter Zetsche did not want to comment on the allegations. “We are well advised not to engage in speculation,” he said.
In this connection, however, € 400 million in provisions recognized by Daimler for “expenses in connection with legal proceedings” in the second quarter of 2016 are noticeable. However, according to a spokeswoman, the group did not want to disclose what this sum was actually meant for, for “tactical reasons”. According to SPIEGEL information, however, the antitrust authorities had found indications of the agreements made last year.
According to Daimler, Daimler sold more than 595,000 Mercedes-Benz cars between April and June – more than ever before in a second quarter. Especially in Asia, sales increased sharply. Daimler’s revenue rose by seven percent year-on-year to around € 41.2 billion, with consolidated earnings of around € 2.51 billion (plus two percent).
Zetsche wants to hold onto diesel
These good numbers had little impact on the stock market given the crises at Daimler. The shares in initial business were only a moderate 0.5 percent higher. “It looks like the car values are the new banks,” said a trader looking at the years of decline in financials. Overall, Daimler has since the car cartel was unveiled Five days ago lost about five percent in value,
The Stuttgart public prosecutor has also been investigating possible exhaust fumes against Daimler employees since March. With more than one million vehicles engines should be installedin which exhaust gas measurements were manipulated.
Last week, Daimler had also announced to call more than three million diesel vehicles in the workshops, to reduce pollutant emissions by software update, According to the company, these are almost all diesel vehicles in the Euro 5 and 6 emission standards in Europe. The action is expected to cost about 220 million euros and begin in the coming weeks.
CEO Zetsche still wants to hold on to the controversial diesel engine. The latest generation diesel engines could contribute to reducing the emission of climate-damaging CO2, Zetsche said the presentation of the quarterly figures. He sees “no reason to forgo the benefits” offered by a diesel engine.
In fact, diesel engines tend to consume less fuel per kilometer driven and therefore emit less CO2, which is how they should help to reduce fleet emissions. The proportion of toxic nitrogen oxides is in their exhaust gases but sometimes very high. In addition, the trend is also towards diesel engines with larger, heavier cars with more power – and correspondingly higher fuel consumption.