On the afternoon of February 24, Mercedes-Benz Group AG released its first financial report after the official name change, the performance report for fiscal 2021 (January 1, 2021 to December 31, 2021).
The data shows that in fiscal 2021, due to the global semiconductor supply shortage, the total sales of Mercedes-Benz passenger cars and light commercial vehicles were 2,330,169 units, down 5% year-on-year (2020: 2,461,884 units). Mercedes-Benz passenger car sales fell to 2,054,962 units (2020: 2,164,187 units).
Still, the company evaluates performance by describing the 2021 development as "a year of strategic progress for Mercedes-Benz". Ola K llenius, chairman of the board of directors of Mercedes-Benz Group AG, used three numbers to illustrate this progress. First, sales of high-end vehicles increased by 30%; second, the delivery of electric models of passenger cars and light commercial vehicles increased by 64%; third, the adjusted EBITDA of the company's vehicle business increased by 105%.
It is appropriate to summarize Mercedes-Benz's performance in 2021 as "strategic progress", because in October 2020, Mercedes-Benz released a new strategy, the most core of which is "based on luxury brand positioning, thinking and acting; focusing on profitable growth; promoting sub-brand growth, expanding customer base; embracing customers, increasing recurring revenue; leading the development of electric drives and automotive software; reducing the cost base, and improving the industrial layout." "Simply put, it's towards electrification, digitalization, and more profitable goals.
Looking at Mercedes-Benz's specific performance in 2021, first of all, mainly due to the global semiconductor supply shortage, Mercedes-Benz passenger car sales fell to 2,054,962 units in 2021 (2020: 2,164,187 units), however, the high-end car series including Mercedes-Maybach, Mercedes-AMG, G-Class, S-Class sedan, GLS SUVs and EQS set new sales records in 2021. It highlights Mercedes-Benz's strength as the world's most valuable luxury car brand. Since 2019, the Mercedes-Benz passenger car segment has reduced fixed costs by 16%, while the turnover of bicycles has increased by 26%, with an average of 49,800 euros per vehicle.
Secondly, in 2021, Mercedes-Benz launched a total of 4 pure electric models and won the world's first conditional autonomous driving (L3) system certification. Among them, the flagship luxury pure electric model EQS is widely acclaimed, and the model has currently received orders for about 20,000 units, including about 3,600 units in January 2022. At the same time, Mercedes-Benz light commercial vehicles also continued to promote the electrification strategy, and the sales of pure electric models increased by more than doubled year-on-year.
Thanks to an excellent product portfolio, stable net pricing, continuously improved cost efficiency and a well-performing used car business, mercedes-Benz Group achieved annual revenue of €133.9 billion (2020: €121.8 billion) and adjusted EBITda (€8.6 billion in 2020: €8.6 billion) for the full year, excluding the already separate Daimler Trucks & Buses segment, thanks to an excellent product mix, a well-improved cost efficiency and a well-performing used car business. Group net profit reached €11.1 billion (2020: €4 billion), with group-level EBIT up 123%.
In the vehicle business alone (Mercedes-Benz passenger cars and light commercial vehicles), the total turnover in 2021 was 109.648 billion euros (2020: 98.576 billion euros), an increase of 11% year-on-year. Adjusted EBITDA was EUR 13,914 million (2020: EUR 6,802 million) increased by 105% year-on-year and adjusted earnings margin was 12.7% (2020: 5.2%).
It can be seen that in 2021, Mercedes-Benz has made significant breakthroughs in various performance indicators in response to its new strategic goals, which can be called a year of "strategic progress". However, the shortage of semiconductor supply has also sounded the alarm for Mercedes-Benz's supply chain system. At the annual financial reporting meeting, Mercedes-Benz also proposed a number of supplier changes, including from relying entirely on Tier 1 suppliers in the past to starting more in-depth cooperation with different semiconductor suppliers directly; adjusting part design solutions.
Kang Songlin said, "Adhering to a clear year-round development route, we are full of confidence in 2022. In addition to our continued focus on cost efficiency and supply chain management, our strategic focus will be to continue to increase investment in pure electric models, accelerate the implementation of our plans in the automotive software field, and continue to promote the growth of the luxury car business. ”
Mercedes-Benz expects semiconductor-related supply shortages to continue to affect market development in 2022; market demand for Mercedes-Benz passenger car products will remain strong. However, given the uncertainty caused by the current supply chain tension, Mercedes-Benz is cautious about sales expectations as a whole, and passenger car sales are expected to be slightly higher than in 2021 levels, of which high-end car sales are expected to grow by more than 10%.
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Car scene