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Online Meeting: First Annual Public Meeting: Daimler Truck Remains Optimistic Despite Economic Worries – Daimler Truck Loses Share | news

Sales of the world leader in the heavy truck market are expected to increase by more than ten percent to 520,000 vehicles, the DAX Group confirmed Wednesday during its first general meeting as an independent company. In terms of sales, the Swabians are still aiming for an increase of up to a quarter from 48 to 50 billion euros. Adjusted return on sales is expected to increase by at least one percentage point, from seven to nine percent. “So we are going to the rest of the year with optimism and confidence,” said CEO Martin Daum, according to the text of the speech at the virtual shareholders’ meeting.

Economic risks have increased in recent weeks, so much so that many fear a further downturn in the global economy, Daum explained. “And such a decline, the concern is, would directly affect us as a cyclical industry.” But thanks to investments in new commercial vehicles postponed due to the Corona crisis, Daimler Truck is in an exceptional situation that could cushion a slight downturn. Many customers now urgently need to renew their fleets. “We are therefore not seeing any cancellations.” Furthermore, the truck manufacturer can absorb the increase in production costs with higher prices. The outlook takes into account the currently known effects of the war in Ukraine and the gradual decrease in the shortage of semiconductors.

In June, both the Organization for Economic Co-operation and Development (OECD) and the World Bank significantly reduced their growth expectations for the global economy. The OECD lowered its forecast of global economic growth in 2022 from 4.5% to 3%, the World Bank from 4.1% to 2.9%.

Daimler Truck has been independent and publicly traded since December following the spin-off of the larger sister company of Mercedes-Benz passenger cars. The Stuttgart group has been listed on the main DAX index since March. The main shareholder is the Mercedes-Benz Group with nearly 35 percent, followed by Chinese automakers and Daimler partners BAIC and Geely via its owner Li Shufu, each with a good six percent.

On Wednesday, Daimler Truck shares temporarily fell 4.06% to € 26.08 via XETRA.

Frankfurt (Reuters)

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