2023-05-06 20:06:26
German car manufacturers made strong gains in the first quarter of 2023, thanks to high demand for luxury cars, and quarterly corporate profits exceeded 17.457 billion euros ($19.26 billion). It also witnessed a significant improvement in sales, with the easing of Corona restrictions and an increase in consumer spending, especially in China.
Mercedes-Benz announced an increase in its profits in the first three months of 2023 by 12% to 4 billion euros ($4.39 billion), thanks to the increased demand for luxury cars. The company’s sales in the first quarter of 2023 rose by 3%, but thanks to the good track of luxury cars, sales rose more strongly by 8%, to 37 billion euros ($ 40.63 billion).
As for “BMW”, its profits in the first quarter of the year jumped by 58.5% on an annual basis, to 5.38 billion euros ($ 5.96 billion), compared to the same period in 2022.
Volkswagen’s profits fell in the first quarter, due to weak sales in China, according to the company. Operating profit also plunged 31% to 5.7 billion euros ($6.3 billion) during the first three months of 2023, down from 8.3 billion euros compared to the same period in 2022.
Ferrari’s core profit for the first quarter rose 27%, beating expectations; The Italian luxury sports car maker said Thursday that demand for its cars has extended into the next two years.
Adjusted earnings before interest, tax and depreciation (EBITDA) in the first three months of 2023 came to 537 million euros ($594 million), beating analysts’ expectations of 508 million euros, according to a Archyde.com poll. Ferrari’s revenue rose 20% year-on-year to 1.43 billion euros (from 1.19 billion euros) during the first quarter of 2022, beating the average analyst estimate of 1.39 billion euros.
Profits of the luxury car maker Porsche rose during the first quarter of 2023; The sector continued to make strong gains despite the slowdown in the global economy.
The company announced an increase in operating profit to 1.84 billion euros ($ 2.03 billion), an increase of 25%, while revenues increased to 10.1 billion euros in the first quarter.
“Porsche plans to increase prices by 4% to 8% in the second half of the year for new models in the US and Europe,” said Chief Financial Officer Lutz Mischke.
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