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Mercedes posts rise in Q1 sales boosted by EVs, premium cars
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(Reuters) -Mercedes-Benz Group sales rose moderately in the first quarter of the year, boosted by electric vehicles (EV) and premium cars, the German
(Reuters) -Mercedes-Benz Group sales rose moderately in the first quarter of the year, boosted by electric vehicles (EV) and premium cars, the German carmaker said on Wednesday.
Worldwide sales increased 3% to 503,500 vehicles, with Europe posting the strongest growth at 8%.
The firm saw the biggest sales plunge in the rest of the world that includes all of the regions except Europe, Asia and North America.
The number dropped by almost a quarter there, impacted by a decision by the company to halt export and production in Russia in March last year.
EVs were the main growth driver in the quarter, with sales almost doubling to 51,600 units.
The top-end segment – which includes models such as AMG, Maybach and G-class – also demonstrated solid growth of 18%, reaching 91,800 for the period.
Britta Seeger, a Mercedes board member, said both segments posted strong results “despite ongoing supply chain disruptions, economic headwinds and geopolitical uncertainties”.
Sales in the Mercedes-Benz Vans division grew 12% in the quarter, reaching 98,900 – its best first-quarter result ever.
Earlier on Wednesday, Swedish peer Volvo reported record first-quarter profits in a sign the company had begun to overcome bottlenecks and inflation that hampered the industry.
(Reporting by Andrey Sychev, Editing by Friederike Heine, Robert Birsel)
An electric vehicle (EV) is a type of vehicle that is powered by electricity instead of traditional fuels. EVs use electric motors and batteries, offering a cleaner alternative to conventional gasoline or diesel-powered vehicles.
Premium cars are high-end vehicles that offer superior quality, performance, and luxury features compared to standard models. They often come from well-known brands and are designed for comfort and prestige.
Market capitalisation is the total market value of a company's outstanding shares of stock. It is calculated by multiplying the stock's current price by the total number of shares. It helps investors assess a company's size and growth potential.
A board member is an individual who is part of a company's board of directors, responsible for overseeing the company's management and making strategic decisions. Board members often have significant experience and expertise in their respective fields.
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