Mercedes-Benz Group AG (MBG.DE) has reported Group Earnings Before Interest and Taxes (EBIT) of €3.9 billion (Q1 2023: €5.5 billion) a surprising drop of -25% but in line with struggles at European-based Volkswagen Group and Stellantis. MBG claimed that lower raw material prices, tight cost control and a strong performance at Mercedes-Benz Vans. were partially offset by lower sales at Mercedes-Benz Cars where supplier bottlenecks and model changeovers in the Top-End segment also led to a less favorable model mix. Group revenue came in at €35.9 billion (Q1 2023: €37.5 billion). (Read AutoInformed on: Stellantis Q1 Revenues, Shipments Drop – Transition or Trend?; Badass UAW Bargaining Committee Gets Record Daimler Deal)

“Mercedes-Benz delivered a solid Free Cash Flow in the first quarter thanks to our disciplined go-to-market approach, our desirable products and despite the volatile economic environment and external challenges. While we remain vigilant about the global macroeconomic and geopolitical outlook, we confirm our full-year financial targets for 2024,” said Harald Wilhelm, Chief Financial Officer of Mercedes-Benz Group.