German carmaker says rapid spread of Covid-19 in China is also affecting sentiment
Mercedes-Benz warned that demand in Europe was 'sluggish' and that the market in China was feeling the effects of the rapid spread of coronavirus. Photograph: Daniel Roland/AFP via Getty ImagesProfits at Mercedes-Benz rose by more than a quarter last year thanks to a focus on more profitable models but it warned that demand in Europe was “sluggish” and that the market in China was feeling the effects of the rapid spread of coronavirus.
The Stuttgart-based group said on Friday that group earnings before interest and taxes increased 28 per cent to €20.5 billion in 2022, beating analyst expectations, while revenues rose 12 per cent to €150 billion. But it warned that the outlook remained uncertain. Orders of new cars in Europe have slowed, while the spread of Covid-19 in China since lockdowns ended has had a “spill-over impact on sentiment in the first quarter”.
Chief executive Ola Källenius believed it was still possible that the market in China could rebound this year “but it’s still early days so that’s why we’ve decided to guide around the same levels as 2022″.
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