AutoBeta(AutoBeta.net)03/18 Report--

On March 17, Beijing Automobile announced the announcement on the Financial Information of Beijing Mercedes-Benz. According to the data, the revenue of Beijing Mercedes-Benz in 2023 was 22.484 billion euros, compared with 24.82 billion euros in the same period last year, down 9.21% from the same period last year. The profit from continued business after tax was 2.999 billion euros, compared with 3.649 billion euros in the same period last year, down 17.81% from the same period last year. The consolidated income was 2.997 billion euros, compared with 3.701 billion euros in the same period last year, including a loss of 2 million euros in 2023, compared with a gain of 52 million euros in the same period last year.

Data show that Beijing Auto has four vehicle segments: Beijing Automobile, Beijing Mercedes-Benz, Beijing Hyundai and Fujian Mercedes-Benz, most of which comes from Beijing Mercedes-Benz, which proves the importance of Beijing Mercedes-Benz to BAIC. At present, the official has not yet announced the profitability of each business segment. Here, take the first half of 2023 as an example. In the first half of 2023, Beijing Automobile achieved revenue of 99.047 billion yuan, an increase of 18.37 percent over the same period last year, and a net profit of 2.846 billion yuan, an increase of 31.9 percent over the same period last year. According to the sector, the revenue of Beijing Mercedes-Benz in the first half of 2023 was 90.817 billion yuan, an increase of 11.47 percent over the same period last year, accounting for 91.69 percent of the total revenue, while the revenue of Beijing brands was 8.3 billion yuan, an increase of 266.76 percent over the same period last year, accounting for 8.38 percent of the total revenue. In other words, Beijing Auto's revenue in the first half of 2023 mainly comes from Beijing Mercedes-Benz, which alone contributed 91.69% of its revenue in the first half of 2023.

In fact, Beijing Mercedes-Benz has always been the main source of revenue for Beijing Automobile. According to statistics, Beijing Mercedes-Benz accounted for 73.42%, 87.04%, 89.14% and 88.45% of Beijing Automobile's total revenue from 2016 to 2019, and more than 90% from 2020 to 2022, 95.5%, 95.9% and 96.16%, respectively. According to the data trend in the first half of 2023, Beijing Mercedes-Benz is expected to become the main source of revenue for Beijing Automobile again in 2023.

The announcement data also show that Beijing Auto's equity stake in Beijing Mercedes-Benz is 49.0%, which is the same as in 2022. Beijing Mercedes-Benz's equity law book value is 2.578 billion euros, down from 2.973 billion euros in 2022. Beijing Mercedes-Benz brought equity income of 1.457 billion euros to Beijing Motor in 2023, down from 1.711 billion euros in 2022.

In addition, the announcement disclosed the statement of financial position of Beijing Mercedes-Benz and the book value reconciliation information of equity law. The financial report shows that in terms of assets, Beijing Mercedes-Benz's non-current assets are 6.504 billion euros, compared with 7.101 billion euros in the same period last year; current assets are 7.839 billion euros, compared with 9.361 billion euros in the same period last year; and in terms of liabilities, non-current liabilities are 920 million euros. In the same period last year, current liabilities were 1.122 billion euros, compared with 8.592 billion euros in the same period last year.

In terms of sales, Mercedes-Benz sold 765000 vehicles in China in 2023, accounting for 29.58 per cent of Mercedes-Benz's global sales. China is still the world's largest single market, but it is only 1.7 per cent higher than the 752000 in 2022.

The industry believes that one of the reasons for Mercedes-Benz's slow growth in China is related to Mercedes-Benz's failure to achieve the desired results in the field of electric vehicles. At present, the electric vehicles sold by Mercedes-Benz in China include EQC, EQB, EQA, EQE and EQE SUV, among which EQA, EQB and EQC are all oil-to-electric models. Retail data show that the cumulative sales of EQE in 2023 were 8471, while the sales of EQB, EQE SUV, EQA and EQC were 6667, 6120, 4012 and 169respectively. Such sales data is indeed a far cry from the current mainstream tram sales in China.

Mercedes-Benz can be said to be the "leading brother" in the fuel field, but in the era of electrification, its pace of progress is obviously relatively heavy, of course, the main reason is the mistake of its original strategy of "changing oil to electricity". At a time when the new energy vehicle market is becoming more and more popular, as a representative of traditional luxury brands, Mercedes-Benz still has a lot of lessons to learn in terms of electric transformation.

According to the plan, Mercedes-Benz will put China, the world's largest car market, at the center of its next-generation electric vehicle program, which begins in 2025. Among them, Mercedes-Benz will launch or launch 15 new / new generation products this year, including new pure electric G-class off-road vehicles, new Maybach EQS pure electric SUV, new CLE family, new long wheelbase GLC SUV plug-in hybrid models, new long wheelbase E-class plug-in hybrid models and so on.

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