Mercedes-Benz Group Q1 Report 2023

Mercedes-Benz Group AG achieved healthy first quarter financial results thanks to a rise in sales of Top-End vehicles and premium vans. Improved pricing outweighed headwinds from material costs.

Together with higher sales, as well as a favorable product mix, it resulted in Earnings Before Interest and Taxes (EBIT) of €5.5 billion (Q1 2022: €5.2 billion). First-quarter revenue increased 8% to €37.5 billion (Q1 2022: €34.9 billion) and adjusted EBIT rose to €5.4 billion (Q1 2022: €5.3 billion). Six consecutive quarters of delivering double-digit margins demonstrate resilience and a structurally uplifted business performance.

Strong sales of G-Class, Mercedes-AMG and Mercedes-Maybach vehicles helped Mercedes-Benz Cars to achieve an adjusted Return on Sales of 14.8%. At Mercedes-Benz Vans the adjusted Return on Sales reached 15.6%, boosted by improved pricing and deliveries of large vans. The shift towards greater electrification continues, with sales of Battery Electric Vehicles at Mercedes-Benz Cars up 89% and rising 22% at Mercedes-Benz Vans.

 In the first quarter, the company also presented its strategy for MB.OS, its proprietary software operating system. As part of its ESG efforts to make Mercedes-Benz a more sustainable company, a groundbreaking ceremony for a battery recycling plant was held in Kuppenheim, Germany and Mercedes-Benz signed a 140 megawatts Power Purchase Agreement (PPA) with Iberdrola to access green energy for production.