Mercedes-Benz Q2 performance underpinned by strong sales of Top-End cars and premium vans


• Solid profitability: Adjusted Return on Sales (RoS) reaches 13.5% (Q2 2022: 14.2%) at Mercedes-Benz Cars and 15.5% at Mercedes-Benz Vans (Q2 2022: 10.1%); adjusted Return on Equity (RoE) of 12.8% at Mercedes-Benz Mobility (Q2 2022: 17.1%) 
• Top-End growth: Mercedes-AMG sales increased 19%, Mercedes-Maybach rose 39% and G-Class sales up 29% in the second quarter 
• EV ramp-up: Charging options to be expanded in North America; Mercedes-Benz battery electric car sales more than doubled (+123%) in Q2; Mercedes-Benz Mobility tripled new EV business volume to €1.8 billion (Q2 2022: €0.6 billion) 
• Technology highlights: E-Class to be launched with precursor of MB.OS and SAE-Level 2[1] automated lane change functionality in Europe; ChatGPT integrated into MBUX in the United States; SAE-Level 3 certification in California 
• Outlook: Group EBIT now seen “at” prior-year level; Free cash flow of the industrial business is now expected “slightly above” the prior-year level; Mercedes-Benz Vans sales now seen “significantly above” the prior-year level and adjusted Return on Sales (RoS) now expected in the range of 13%–15% up from 11%–13% previously 

Mercedes-Benz Group’s (ticker symbol: MBG) sharpened focus on sustainable growth through sales of desirable cars and premium vans, combined with tight cost control, lifted second-quarter Earnings Before Interest and Taxes (EBIT) by 8% to €5.0 billion (Q2 2022: €4.6 billion) and revenue by 5% to €38.2 billion (Q2 2022: €36.4 billion). 

At Mercedes-Benz Cars the adjusted Return on Sales (RoS) reached 13.5% in the quarter (Q2 2022: 14.2%) thanks to disciplined pricing and strong sales of Top-End vehicles, as well as Mercedes-Benz SUV models, including electric variants. At Mercedes-Benz Vans the Q2 adjusted RoS rose to 15.5% (Q2 2022: 10.1%) due to favourable pricing and higher sales. 

“Our solid financial performance is the result of disciplined strategy execution in a dynamic environment. For this I would like to thank the entire Mercedes team. We expect the pace of sales from the first half of 2023 to continue for the remainder of the year, given the strength of our pipeline of desirable products: Customers will be able to choose from additional models when the new E-Class, the CLE Coupe and GLC Coupe hit showrooms later this year. And at the upcoming IAA we will give a preview of how Mercedes-Benz will elevate and electrify the entry segment based on our MMA architecture.” 
Ola Kaellenius, Chief Executive Officer of Mercedes-Benz Group AG 

In the second quarter, the company continued its transformation with several technological innovations. 
Mercedes-Benz launched a beta program for the integration of ChatGPT into Mercedes-Benz passenger cars in North America. Users of MBUX[2] can use ChatGPT to enhance the voice assistant to not only accept natural voice commands, but also to conduct conversations with comprehensive answers. The data shows that participants are twice as likely to interact with MBUX when using the ChatGPT functionality. 

The new E-Class, which comes equipped with a precursor of the MB.OS operating system, received excellent feedback and will hit showrooms in the second half of the year. Mercedes-Benz will offer “Automatic Lane Change” function in Europe, an intelligent driving assistance systems in the SAE-Level 2 in time for delivery of the first units of the new E-Class. 

The company continues to expand charging options for its customers. In addition to advancing plans for its own Mercedes-Benz High-Power Charging Network, it will adopt the North American Charging Standard (NACS) giving customers access to the Tesla supercharger network in North America in 2024 and this week unveiled plans to develop a new a high-powered charging network across North America together with Hyundai, Honda, Kia, General Motors, BMW and Stellantis. 

In September, Mercedes-Benz will showcase its MMA platform (Mercedes Modular Architecture), designed to redefine the entry segment with MB.OS and other features to elevate the product substance. 

Mercedes-Benz Group



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Earnings before Interest and Taxes (EBIT)*







Earnings before Interest and Taxes (EBIT) adjusted*







Net profit/loss*







Free cash flow (industrial business)*







Free cash flow (industrial business) adjusted*







Earnings per share (EPS) in EUR







*in millions of €       

Investments, free cash flow and liquidity 
The free cash flow of the industrial business increased to €3.4 billion (Q2 2022: €1.4 billion). The positive development of working capital was mainly due to lower inventory build-up compared to the previous 
year. The inventory build-up is a result of the introduction of the direct sales model in additional markets, 
ramp-ups in production due to new model years and high levels of vehicles in the process of delivery. 
The net liquidity of the industrial business rose to €25.8 billion (end of 2022: €26.6 billion). The Group’s investments in property, plant and equipment in the second quarter totaled €0.8 billion (Q2 2022: €0.8 billion). Research and development expenditure amounted to €2.4 billion (Q2 2022: €2.2 billion) due to higher investments for future platforms and technologies, including MB.OS. Mercedes-Benz announced its third Green Bond after two years in Europe. 

Divisional results 
Demand for battery electric and Top-End segment vehicles lifted sales of Mercedes-Benz Cars by 6%, to 515,700 units in the second quarter, and by 5% to 1,019,200 units in the first half of 2023. Sales were boosted by solid demand in Germany and the United States in particular and growth across all regions and segments. Mercedes-Benz continues to remain disciplined with a focus on sustainable growth, even in a dynamic market environment. BEV sales of Mercedes-Benz Cars almost doubled to 61,200 units (+96%) in Q2. Excluding smart, BEV sales even surged by 123%. Sales in the Top-End segment rose by 12% to 84,800 units in Q2 and 15% to 176,600 vehicles in the first six months of 2023. In the Core segment, sales were up 2% to 276,800 units in the second quarter impacted by a model changeover for the GLC and E-Class. Sales in the Entry segment increased by 11% to 154,100 units in Q2 and even grew 19% in the first half of 2023, reaching 317,500 vehicles.