European OEMs' 2012 plan: VW, BMW and Daimler to report record sales volumes

Fiat's non-consolidated profit declines in 2011, while PSA' automotive division posts operating loss

2012/05/18

Summary

 Six European major OEMs of PSA, Renault, Fiat, VW, BMW and Daimler had increase in sales to 20.3 million units in 2011, up by 12.2% over the previous year. Their business stayed sound following 2010. They successfully responded to demand in the emerging countries of China, Russia and Brazil, and their sales crossed 20 million-unit mark. Three German OEMs of VW, BMW and Daimler, thanks to brisk sales of high-end models, and Renault marked record-setting sales volumes. As sales of compact cars dropped in Europe, PSA and Fiat recorded a fall in sales volume.

 In the financial aspect, Germany's big three posted record high sales and profits. Fiat, which integrated with Chrysler, posted considerable increases in both sales and profit on a consolidated basis but posted a fall in profit on a non-consolidated basis. PSA's automotive division reported operating loss. In 2012, it will work towards sound financial status.

 These OEMs predict that, in 2012, the European market will shrink by a few percent, but the global markets around emerging countries and North America will continue to expand. Three German OEMs aim for record-setting results above the 2011 records.

Related Reports:  Fiat (May 2012), Renault (Jan. 2012), BMW (Nov. 2011)
Mercedes-Benz Cars (Nov. 2011), Daimler's Commercial Vehicle Business (Nov. 2011)
PSA (Aug. 2011), VW (Aug. 2011)

2012 Plans for Six European OEMs

PSA In 2012, PSA predicts that the European market will remain in grim circumstances and shrink by 5%. PSA will implement financial reform in 2012 by cutting procurement and fixed costs by one billion Euros, reorganization, curbing investment and R&D costs, reducing inventory, cutting net debt and disposing assets.
Renault Renault expects that the worldwide market will grow 4%, although it predicts that the European market will shrink 3 - 4%. It aims for sales volume higher than the 2011 record (record-setting level) to obtain free cashflow.
Fiat Fiat predicts a 5% shrinkage of the European market and a 5% expansion of the US and Brazilian markets. As the entire Fiat-Chrysler Group's targets, it aims for sales greater than 77 billion Euros, operating profit of 3.8 billion to 4.5 billion Euros, and a net profit of 1.2 to 1.5 billion Euros.
VW VW predicts that the European markets will shrink except for Germany, but the global passenger car market will outreach the 2011 level thanks to the growth of the American and emerging markets. It aims to have sales volume and sales in Euro greater than the 2011 record and operating profit on a par with the previous year level.
BMW BMW aims for two-year consecutive record sales in three brands: BMW, Mini and Rolls-Royce in 2012. It also aims to outreach the 2011 record pre-tax profit.
Daimler Daimler predicts that the global market will grow in 2012 around the US and Asia by about 4%. Daimler plans group-wide sales volume and sales in Euros above the 2011 levels. It aims for EBIT on a par with the 2011 record.

Outline of six European OEMs' business results

(Euros in millions and global sales units in thousands)
2007 2008 2009 2010 2011
PSA Global sales volume 3,428 3,260 3,188 3,602 3,549
Sales 58,676 54,356 48,417 56,061 59,912
Operating profit 1,752 550 (689) 1,796 1,315
Net earnings 885 (363) (1,161) 1,134 588
Renault Global sales volume 2,485 2,382 2,309 2,627 2,722
Sales 40,682 37,791 33,712 38,971 42,628
Operating profit 1,354 326 (396) 1,099 1,091
Net earnings 2,734 599 (3,068) 3,490 2,139
Fiat Global sales volume 2,234 2,153 2,152 2,082 2,033
Sales - - 32,684 35,880 59,559
Operating profit - - 736 1,112 2,392
Net earnings - - (345) 222 1,651
VW Global sales volume 6,190 6,257 6,336 7,203 8,265
Sales 108,897 113,808 105,187 126,875 159,337
Operating profit 6,151 6,333 1,855 7,141 11,271
Net earnings 4,122 4,688 911 7,226 15,799
BMW Global sales volume 1,501 1,436 1,286 1,461 1,669
Sales 56,018 53,197 50,681 60,477 68,621
Operating profit(EBIT) 4,212 921 289 5,111 8,018
Net earnings 3,134 330 210 3,224 4,907
Daimler Global sales volume 2,089 2,073 1,551 1,895 2,111
Sales 99,399 98,469 78,924 97,761 106,540
Operating profit(EBIT) 8,710 2,730 (1,513) 7,274 8,755
Net earnings 3,985 1,414 (2,644) 4,674 6,029
Total Global sales volume 17,926 17,561 16,822 18,871 20,349
Sales - - 349,605 416,025 496,597
Operating profit - - 282 23,533 32,842
Net earnings - - (6,097) 19,970 31,113
NOTES: 1. Global sales volume of Fiat represents those of Fiat Group Automobiles, which do not include that of Chrysler LLC. Sales and operating profit include those of Chrysler after June 2011. Fiat split off the commercial vehicles/industrial equipment division (Fiat Industrial) in January 2011. The 2009 and 2010 data represent the sales of the passenger car division announced retroactively.
2. VW's global sales include those of Scania which has been consolidated since July 2008, and those of MAN from November 2011.


PSA's sales down by 1.5% to 3.549 million units, while automobile division posts operating loss

 PSA's 2011 global sales were down by 1.5% over the previous year to 3.549 million units. Global sales were dampened by a fall in sales by 6.2% to 2.06 million units in Europe suffering from the debt crisis. On the other hand, PSA had increase in sales by 33.9% to 75 thousand units in Russia, 10.9% to 326 thousand units in Latin America and 7.4% to 404 thousand units in China. The increase in sales in emerging countries underpinned the entire sales. Sales outside Europe accounts for 42%, up by 3% over 2010 (it aims for 50% by 2015 as a business objective). As for sales by model, PSA had sluggish sales of the A-B segment Citroen C1 and C3, and the Peugeot 107 and 206 in Europe.

 PSA's sales were up by 6.9% to 59.91 billion Euros thanks to an increase of consolidated companies. Sales of the automotive division were also up by 3.2% to 42.71 billion Euros, which outstripped the 2008 level. The increase in sales of upmarket models contributed to the record. On the contrary, PSA's operating profit was down by 26.8% to 1.32 billion Euros. The Automobile Division posted an operating loss of 90 million Euros due to the spike in raw materials costs and the damaged supply chain by the Great East Japan Earthquake.

 PSA predicts that the European market will shrink 5% in 2012, and expects emerging markets to grow by 7% in China, 6% in South America and 5% in Russia. It will implement financial reform by cutting fixed costs, curbing investment and disposing of assets. In addition, it will focus on expanding business outside Europe and increasing sales of upmarket models.

PSA's global sales by region

(Units in thousands)
2007 2008 2009 2010 2011
Europe 2,542 2,231 2,159 2,195 2,060
Russia 37 59 41 56 75
Latin America 266 263 232 294 326
China 209 179 272 376 404
Others 181 219 142 204 226
Total cars 3,234 2,952 2,845 3,125 3,091
Total CKD 195 309 342 477 458
Global sales 3,428 3,260 3,188 3,602 3,549

Source: PSA Full Year 2011 Results

 

PSA's consolidated business results
(Euros in millions)
2007 2008 2009 2010 2011
Sales 58,676 54,356 48,417 56,061 59,912
(of which automotive division) 45,519 41,643 38,265 41,405 42,710
Recurring operating income 1,752 550 (689) 1,796 1,315
(of which automotive division) 858 (225) (1,257) 621 (92)
Net Profit 885 (363) (1,161) 1,134 588
Source: PSA Full Year 2011 Results
NOTES: 1. Recurring operating income is a business index which PSA has used since 2007. It is calculated by subtracting transient income and expenses from operating margin.
2. PSA has distribution company Gefco, parts supplier Faurecia, and Financial Division.

PSA to implement financial reform by disposing assets and reducing expenses, and to expand business outside Europe

Market outlook PSA predicts that the European market will remain in bleak conditions in 2012, and shrink by 5%. On the contrary, it expects that the Chinese market will grow by 7%, South America by 6% and Russia by 5%.
Financial improvement In 2011, PSA posted a negative free cashflow of 1.6 billion Euros. It will implement financial reform focusing on cashflow in 2012 by cutting procurement and fixed costs by 1.0 billion Euros, reorganization, curbing investment and R&D costs (including the Indian business), reducing inventory, reducing a net debt of 3.4 billion Euros as of the end of 2011, and disposing assets.
Expansion of
business
outside Europe
PSA will increase sales outside Europe to 50% of total sales by 2015 (it was 42% in 2011).
China Dongfeng Peugeot-Citroen Automobile is building a third plant in the Wuhan Plant. It will establish a total annual production capacity of 750 thousand units by 2015. Changan PSA, which was established in November 2011, will import and sell the Citroen DS Series in 2012, and start local production in the middle of 2013. It will locally produce three models and import and sell three more models by the end of 2014.
South America PSA will introduce six models in 2012. It will improve the productivity of the Brazilian Plant through cost reduction.
Russia PSA will introduce six models in 2012. It will start CKD production of the Peugeot 408 in the middle of 2012.
Sales strategies New models It will launch four hybrid models of Peugeot 508 RXH, 508 Hybrid4, 3008 Hybrid4, and Citroen DS5 Hybrid4, two SUV models of Peugeot 4008 and Citroen C4 Aircross, and the compact hatchback Peugeot 208.
Upmarket models PSA aims to improve the sales mix by increasing sales of the Citroen DS Series and D/E segment vehicles.
Source: PSA Full Year 2011 Results
NOTES: 1. PSA divested the subsidiary which run a rent-a-car business in February 2012, and reduced a net debt of 440 million Euros. It also sold out the head office building for 246 million Euros in this April.
2. The Peugeot 4008 and the Citroen C4 Aircross are based on the model RVR supplied by Mitsubishi under the OEM contract.
3. PSA and GM announced a global alliance in February 2012. Both companies will establish a venture company for joint parts procurement and will also jointly develop platforms. Besides, PSA allocated the shares worth 1.0 billion Euros. GM subscribed a part of them and became the second largest shareholder with a 7% stake.

 



Renault posts record high sales of 2.722 million units, aiming for the third-consecutive record sales in 2012

 Renault Group posted the second-consecutive record global sales in 2011, which were up by 3.6% over the previous year to 2.722 million units. By brand, it sold 2.261 million units of the Renault brand, up by 6.9% over the previous year. On the contrary, sales of the Dacia brand declined by 1.8% to 343 thousand units, and those of the Renault-Samsung brand plummeted by 27% to 118 thousand units due to the damaged supply chain by the Great East Japan Earthquake and the intensifying competition in the South Korean market. By region, sales outside Europe increased thanks to brisk sales in Eurasia including Russia and Americas including Brazil, where sales were up by 61.3% to 171 thousand units and 25.2% to 397 thousand units, respectively.

 Renault's 2011 sales were up by 9.4% over the previous year to 42.63 billion Euros, which outreached the 2007 level, while its operating profit was slightly down to 1.09 billion Euros. Net profit was down by 38.7% over the previous year to 2.14 billion Euros due to special factors in 2010.

 Renault expects that the global automotive market will grow by 4% in 2012, while it sees that the European market will shrink by 3 - 4%. Based on the market outlook, Renault will aim to refresh the sales volume record again in 2012 to realize positive free cashflow of the automotive division.

Renault's global sales volume by brand and region

(Units in thousands)
2007 2008 2009 2010 2011 Jan.-Feb.
2011 2012
Renault 2,135 2,019 1,861 2,116 2,261 351 326
Dacia 231 258 311 350 343 53 52
Renault-Samsung 120 104 136 162 118 22 13
Worldwide 2,485 2,382 2,309 2,627 2,722 425 391
Europe 1,623 1,508 1,530 1,644 1,549 267 210
Euromed 307 274 240 273 309 41 41
Eurasia 118 130 80 106 171 19 26
Americas 245 255 228 317 397 58 67
Asia-Africa 192 215 231 287 296 41 47
Source: Renault Earnings report 2011、Monthly Sales Results
NOTE: Europe includes Western and Central Europe. Euromed includes Eastern Europe (Romania, Bulgaria, etc.), Turkey and North Africa. Eurasia includes Russia and CIS countries. Asia-Africa includes Oceania and Middle East.
Renault's consolidated business results
(Euros in millions)
2007 2008 2009 2010 2011
Revenues 40,682 37,791 33,712 38,971 42,628
Operating margin 1,354 326 (396) 1,099 1,091
Net Profit 2,734 599 (3,068) 3,490 2,139
Source: Renault Earnings report 2011
NOTES: 1. The 2010 net profit includes the gain of 2 billion Euros on sale of securities of truck manufacturer Volvo AB.
2. Net Profit includes the contribution from Renault's share in associated companies including Nissan (for example, it was 1,289 million Euros in 2010 and 1,524 million Euros in 2011).

 

Renault aims to refresh the sales record in 2012 as well

Outlook of 2012
global market
Renault assumes that the global markets of passenger cars and light commercial vehicles (Note) will grow by 4%. It predicts that the European market will shrink by 3-4%, while it expects that the Eurasia market around Russia will grow by 9%, Asia and African markets including China by 6% and Central and South American markets by 3%.
Important market * Brazil: Expands the share in the passenger car and light commercial vehicle markets by 8% by 2016 (5.7% in 2011).
* Russia: Expands the share in the passenger car and light commercial vehicle market by 8% by 2016 (5.8% in 2011).
* Korea: Aims for the break even in 2013.
* Focus on India and Morocco where Renault built plants.
2012 targets * Allocates 9% (7.5% in 2011) of the income at maximum to capital spending and R&D to turn the free cashflow of its automotive division positive (it was positive in 1.08 billion Euros in 2011).
* Posts sales more than 2.72 million units of 2011
* For the next step, Renault will invest in upmarket models, and find market opportunities in Russia and China.
Source: Renault Earnings report 2011
NOTES: 1. According to the Renault's tabulation, the global markets of passenger cars and light commercial vehicles were up by 5.3% over the previous year to 74.79 million units in 2011.
2. Renault sets medium-term targets by 2013, which are a sales volume of three million units, a free cashflow of 2.0 billion Euros, and an operating profit margin of 5%.

 



Fiat: consolidation of Chrysler boosts sales by 66%, while FGA has four-consecutive drop in sales volume to 2.033 million units

 Since Fiat took a stake of 20.0% in Chrysler in June 2009, it has increased the stake gradually to 58.5% as of January 2012. The business results of Chrysler have been consolidated in Fiat's results since June 2011.

 Fiat's passenger car division Fiat Group Automobiles (FGA) had sales of 2.033 million units in 2011, down by 2.4% over the previous year. It was the fourth consecutive fall in sales. The downward factor is a significant drop in sales in Europe by 7% to 1.084 million units amid the faltering economy ascribable to the debt crisis around South Europe.

 On the other hand, the consolidated results were drastically up because it consolidated Chrysler. Sales were up by 66% to 59.5 billion Euros, trading profit up by 2.2 times to 2.39 billion Euros and net profit up by 7.4 times to 1.65 billion Euros. Fiat's non-consolidated results excluding those of Chrysler showed that sales were up by 4.2% over the previous year to 37.38 billion Euros. FGA had decline in sales volume; however, it was counterbalanced with an improved product mix as well as brisk sales of Ferrari. On the contrary, operating profit was down by 5.8% to 1.05 billion Euros due to the spike in raw materials costs.

 As the entire Fiat-Chrysler Group's targets in 2012, it aims to have sales greater than 77 billion Euros, operating profit of 3.8 to 4.5 billion Euros, and a net profit of 1.2 to 1.5 billion Euros.

Fiat Group Automobiles (FGA)'s global sales by region

(Units in thousands)
2007 2008 2009 2010 2011
Europe(EU27) 1,357 1,238 1,305 1,166 1,084
Brazil 613 666 750 761 773
Rest of the world 264 249 97 155 176
Total 2,234 2,153 2,152 2,082 2,033
Source: Fiat Q4 & FY 2011 Results Review
NOTES: 1.

Fiat Group Automobiles consists of Fiat, Alfa Romeo, Lancia, Fiat Professional, and Abarth brands.

2. Sales volume after 2010 includes Chrysler LLC's sales volume in Europe.
3. Data of "Europe" before 2008 show sales volume in Western Europe.
Fiat's consolidated business results
(Euros in millions)
2009 2010 2011 2012(Plan)
(excl. Chrysler) (incl. Chrysler)
Net revenues 32,684 35,880 37,382 59,559 77,000+
Trading profit 736 1,112 1,047 2,392 3.800-4,500
Trading margin 2.3% 3.1% 2.8% 4.0% -
Profit/loss for the year (345) 222 1,006 1,651 1,200-1,500
Source: Fiat Annual Report 2011
NOTES: 1. Chrysler's business results are included in the data from June 2011.
2. Trading profit (except for Chrysler) includes a transient profit of about 800 million Euros. Without it, the non-consolidated results of Fiat are almost break-even.

Fiat aims for sales of greater than 77 billion Euros and operating profit of 3.8 to 4.5 billion Euros in 2012

Market outlook * The passenger car market in Europe will shrink to 12.9 million or 13.4 million units (13.6 million units in 2011), and the light commercial vehicle market will decline by 3 to 5% (1.8 million units in 2011). Fiat predicts a larger shrinkage at its homeland market Italy than any other European markets.
* The US market will expand to 13.8 million units (13 million units in 2011).
* The Brazilian market will grow 5% from 3.4 million units of 2011.
2012 targets As the entire Fiat-Chrysler Group's targets, it aims for sales of greater than 77 billion Euros, an operating profit of 3.8-4.5 billion Euros and a net profit of 1.2-1.5 billion Euros.

Source: Fiat Q4 & FY 2011 Results Review

 



VW continues to increase unit sales, sales and operating profit for two consecutive years, while aiming to refresh these records in 2012

 The 2011 VW's sales volume hit a new high of 8.265 million units, up by 14.7% over the previous year. In China, the increase rate in sales volume slowed down, however it sold 2.26 million units, up by 17.4% over the previous year. In Western Europe, its sales made a turnaround from slight decrease to a 9.1% increase to 3.168 million units that surpassed the 2007 level. By brand, sales of Audi and VW brands were up by 19.1% to 1.303 million units and by 13.1% to 5.091 million units, respectively.

 In addition, VW had sales of 159.34 billion Euros, up by 25.6%, an operating profit of 11.27 billion Euros, up by 57.8%, which are record-setting. The Audi Division earned 5.35 billion Euros equal to about a half of the operating profit.

 VW expects that the global passenger market in 2012 will surpass the 2011 level despite shrinkage of the Western European market. It aims to refresh its 2011 (record-setting) sales volume and sales in 2012 while it predicts to have an operating profit on par with the 2011 level.

VW's global sales by brand and region

(Units in thousands)
2007 2008 2009 2010 2011 Jan.-Mar.
2011 2012
VW brand 3,663 3,668 3,954 4,503 5,091 1,230 1,355
Audi brand 964 1,003 950 1,092 1,303 313 346
Skoda brand 630 675 684 763 879 217 243
SEAT brand 431 368 337 340 350 91 80
Other brands 12 10 6 6 9 2 2
Commercial vehicles 489 502 362 436 529 121 131
Scania - 31 43 64 80 n.a. n.a.
MAN - - - - 25 n.a. n.a.
Global sales volume 6,190 6,257 6,336 7,203 8,265 1,970 2,157
Western Europe 3,112 2,989 2,918 2,903 3,168
Central/Eastern Europe 497 560 385 430 563
North America 531 503 468 550 668
South America 744 803 826 908 963
Asia/Pacific 142 148 150 221 316
China 910 1,024 1,401 1,925 2,260
Other regions 254 228 189 268 327
Source: VW Annual Report 2011、VW 52nd Annual Meeting Presentation 2012/4/19
NOTES: 1. "Other brands" are Bentley, Lamborghini and Bugatti. "Commercial vehicles" are all VW brand and do not include Scania and MAN.
2. VW has consolidated MAN since November 9, 2011.
VW Group' consolidated business results
(Euros in millions)
2007 2008 2009 2010 2011
Sales Revenue 108,897 113,808 105,187 126,875 159,337
Operating Profit 6,151 6,333 1,855 7,141 11,271
Profit before tax 6,543 6,608 1,261 8,994 18,926
Profit after tax 4,122 4,688 911 7,226 15,799
Source: VW Annual Report 2011
NOTES: 1. Revenue and Profit include the data of the Financial Service Division.
2. The 2011 Profit before Tax include a special profit from the re-measurement of put and call option values in the amount of 6,554 million Euros (1,785 million Euros in 2010).

VW aims to refresh the 2011 sales volume and sales records in 2012

Market Outlook Global demand for passenger cars will outreach the 2011 level, while the Western European market will shrink due to the debt problems of each country's government (the German market will remain unchanged). Chinese and Indian markets are promising to exceed the world average market growth. VW expects that demand in North and South American markets will expand.
2012 Plan VW aims to surpass the 2011 levels of sales volume and revenue, and maintain operating profit at the 2011 level (11.27 billion Euros).
New models VW brand: All-new Golf, best selling model, the crossover Passat Alltrack, five-door version of the compact up!, and the Jetta Hybrid. Audi brand: the new A6, and the A6 and A8 hybrid models
Source: VW Annual Report 2011

 



BMW marks record high sales volume for first time in four years, while sales and pre-tax profit refresh records for two years in a row

 BMW marked record high sales of 1.669 million units in 2011, up by 14.2% over the previous year, and thereby, it attained the 2011 target. An increase in sales in the Asian region including China notably contributed to the sales, which reached 376 thousand units, up by 31.2% over the previous year. The BMW brand marked record-setting sales of 1.38 million units, up by 12.8%, thanks to brisk sales of the 5 Series sedan and touring wagon, X1 and X3. The MINI brand also had record sales, up by 21.7% to 285 thousand units thanks to strong sales of the Countryman.

 BMW had the two-year consecutive record-setting sales and profit items. Sales were up by 18.9% to 68.62 billion Euros, and pre-tax profit was up by 52.7% to 7.38 billion Euros.

 BMW will aim to have record-setting sales in all brands in 2012 as well, and surpass the 2011 income level. It moved up the target year to achieve annual sales of 2.0 million units four years to 2016.

BMW's global sales by brand and region

(Units)
2007 2008 2009 2010 2011 Jan.-Mar.
2011 2012
BMW 1,276,793 1,202,239 1,068,770 1,224,280 1,380,384 321,180 356,548
MINI 222,875 232,425 216,538 234,175 285,060 60,860 68,210
Rolls-Royce 1,010 1,212 1,002 2,711 3,538 723 770
Total 1,500,678 1,435,876 1,286,310 1,461,166 1,668,982 382,763 425,528
Germany 280,900 280,900 267,500 267,200 285,300
United Kingdom 173,800 151,500 137,100 154,800 167,500
Rest of Europe 443,600 432,200 357,300 369,300 405,700
North America 364,000 331,800 271,000 298,300 341,300
Asia 159,500 165,700 183,100 286,300 375,500
(China) 61,195 75,481 98,960 183,328 233,630
Others 78,900 73,800 70,300 85,300 93,700

Source: BMW Annual Report 2011、BMW Corporate News 2012/4/11

BMW's consolidated results
(Euros in millions)
2007 2008 2009 2010 2011
Production volume (unit) 1,541,503 1,439,918 1,258,417 1,461,253 1,738,160
Sales 56,018 53,197 50,681 60,477 68,621
EBIT 4,212 921 289 5,111 8,018
Pretax profit 3,873 351 413 4,836 7,383
Net earnings 3,134 330 210 3,224 4,907
Source: BMW Annual Report 2011
NOTES: 1. The 2007 pretax profit includes a temporary financial profit of 97 million Euros.
2. "EBIT" stands for Earnings Before Interest and Taxes.

BMW aims to refresh the records in 2012, and moves up the target year to achieve sales of two million units four years to 2016

2012 Outlook BMW aims for record-setting sales volume of three brands of the BMW, Mini and Rolls-Royce in 2012. It also aims to refresh the record 2011 pre-tax profit. BMW will secure an 8 to 10% EBIT of the Automotive Division (11.8% in 2011). It moved up the target year 2020 to achieve sales of two million units to 2016 (1.67 million units in 2011).
New models In February 2012, BMW fully remodeled and launched the best selling model 3 Series. It will launch the 6 Series four-door coupe in June and remodel the flagship 7 Series in July.

Source: BMW Corporate News 2012/3/13

 



Daimler's business results hit a new high for the first time after the split-off of Chrysler

 Sales of Mercedes-Benz Cars, Daimler's passenger car division, hit a new high of 1.381 million units in 2011, up by 8.2% over the previous year. The C-Class and the SUV models sold well. By region, sales in Western Europe were down by 1.7% to 625 thousand units, while sales in China jumped by 39.4% to 223 thousand units. Daimler's total sales volume including commercial vehicles were up by 11.4% to 2.111 million units, which also hit a new high for the first time after the split-off of Chrysler in 2007.

 In 2011, Daimler had sales of 106.54 billion Euros, up by 9.0%, and an EBIT of 8.76 billion Euros, up by 20.4% and a net profit of 6.03 billion Euros, up by 29.0%. These numbers are all record-setting for the first time after the split-off of Chrysler in 2007.

 Daimler predicts that the global market will grow about 4% around the US and Asia in 2012. Daimler will aim to surpass the 2011 levels of sales volume and sales, and to maintain the EBIT at the 2011 level.

Mercedes-Benz Cars' sales by region (on a wholesale basis)

(units)
2007 2008 2009 2010 2011 Jan.-Mar.
2011 2012
Western Europe 779,157 733,233 623,489 635,798 625,168 122,579 134,687
(Germany) 342,860 332,472 297,756 292,895 290,658 49,318 56,552
(other Western European countries) 436,297 400,761 325,733 342,903 334,510 73,261 78,135
US 251,789 251,160 202,955 220,454 250,355 53,346 61,513
Asia 262,238 144,141 138,942 261,568 335,449 73,152 84,641
(China) 48,620 67,451 159,974 223,059 42,990 51,328
Others 144,479 128,519 159,007 170,444 56,456 60,036
Total 1,293,184 1,273,013 1,093,905 1,276,827 1,381,416 305,533 340,877
Source: Daimler Fact Sheet Q4 2011 & Full Year 2011
NOTE: The figures above include Mitsubishi brand vehicles manufactured and sold in South Africa by Mercedes-Benz Cars. (2007: 10,100; 2008: 8,190; 2009: 5,274; 2010: 4,192; 2011: 2,663)
Daimler's consolidated results
(Euros in millions)
2007 2008 2009 2010 2011
Production volume (units in thousands) 2,097 2,150 1,456 1,941 2,137
Sales volume
(units in thousands)
Passenger cars 1,293 1,273 1,094 1,277 1,381
Commercial vehicles 796 800 457 619 730
Total 2,089 2,073 1,551 1,895 2,111
Sales Passenger cars 52,430 47,772 41,318 53,426 57,410
Commercial vehicles 42,589 42,859 28,813 36,394 42,348
Total 99,399 98,469 78,924 97,761 106,540
EBIT Passenger cars 4,753 2,117 (500) 4,656 5,192
Commercial vehicles 4,077 368 (792) 1,998 2,873
Total 8,710 2,730 (1,513) 7,274 8,755
Net income 3,985 1,414 (2,644) 4,674 6,029
Source: Daimler Fact Sheet Q4 2011 & Full Year 2011
NOTES: 1. Data of passenger cars are from Mercedes-Benz Cars, and those of commercial vehicles are the total of Daimler Trucks, Mercedes-Benz Vans and Daimler Buses. Production volume shows the total of both divisions.
2. Totals of sales and EBIT include the data of Financial Services Division.

Daimler aims to refresh the records in 2012, while aiming for the total group sales of 2.5 million units at minimum in 2015

Global
automotive market
Daimler expects that the global market will expand by about 4% owing to the growth in the US and Asia.
Daimler's
business results
In 2012, Daimler plans to have sales volume and revenue greater than the record-setting levels in 2011. Daimler aims to achieve the EBIT on a par with the 2011 level. In 2012 to 2013, Daimler plans to invest 10.9 billion Euros in R&D and make a capital investment of 10.6 billion Euros.
Mercedes-Benz Cars'
medium term targets
* Sales volume targets: 1.5 million units in 2014, 1.6 million units in 2015 (1.28 million units in 2011) and the world's largest sales in the premium market in 2020.
* Model plans: It will add at least ten models by 2015.
* Profit margin (EBIT/revenue): It aims to achieve an average profit margin of 10% after 2013 (9% in 2011).
* Daimler Group sets the 2015 targets at sales of 1.6 million units by Mercedes-Benz passenger cars and those of greater than 940 thousand commercial vehicles.

Source: Daimler "Hungry for More Mercedes-Benz 2020" 2012/3/29、Daimler News Release 2012/4/4

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