Bayerische Motoren Werke AG and Daimler AG’s Mercedes-Benz unit, the world’s top two luxury- vehicle makers, reported the slowest sales declines in at least eight months in a sign the worst market in decades is abating.
BMW, which also makes Mini and Rolls-Royce models, delivered 127,546 cars and sport-utility vehicles in June compared with 146,136 a year earlier, the Munich-based company said in a statement today. The 13 percent drop was the slowest since October. Sales of Mercedes-Benz models fell 5 percent to 100,300 vehicles, the smallest decrease since September, Stuttgart, Germany-based Daimler said.
“The luxury carmakers are more of a true bellwether of underlying demand, because they haven’t benefited measurably from government incentives,” said Peter Kelly, senior director at J.D. Power Automotive Forecasting in Oxford, England. While discounts may have, the two carmakers’ sales numbers “suggest that the market may find a bottom in the second half.”
Government-funded rebates in Germany, France and Italy have helped stem car-sales declines after the recession led Europe’s auto market in 2008 to shrink by the most in 15 years. Deliveries in the region fell 4.9 percent in May, the slowest drop in 13 months, according to European Automobile Manufacturers’ Association figures.
BMW fell 15 cents, or 0.6 percent, to 25.48 euros in Frankfurt trading, the lowest price since May 29. Daimler declined 37 cents, or 1.5 percent, to a three-month low of 24.20 euros.
‘Favorable’ Incentive Effects
PSA Peugeot Citroen, Europe’s second-largest carmaker, said today that first-half global sales fell 14 percent. The incentives were “quite favorable for us” in attracting customers for the Paris-based company’s smaller cars, Citroen division Managing Director Frederic Banzet said.
Lower inventories of unsold cars and improving demand have helped Daimler and BMW increase production rates. Daimler, which is also the world’s largest truckmaker, has reduced the number of employees on short-time work to 47,000 from 60,000 at the end of April. BMW has cut the number of workers on reduced hours to 12,000 from 25,000 in March.
“There are first indications of a slight recovery on the automobile markets,” Ian Robertson, BMW’s sales chief, said in the statement. Introductions of the X1 SUV and 5-Series Gran Turismo crossover model “will give sales a further boost in the second half of the year.”
German, Chinese Growth
Sales by the BMW brand fell 13 percent to 105,220 vehicles, while Mini-division deliveries slipped 8.9 percent to 22,273. Rolls-Royce sold 53 cars in June compared with 114 a year earlier. Group sales increased in Germany, China, India and Brazil. Sales in the U.S. fell 20 percent.
Daimler’s Mercedes-Benz Cars group, which includes the two- seat Smart minicar, delivered 111,300 vehicles in June, a decline of 6.7 percent, limiting the drop in the first half to 19 percent. Smart-car sales fell 17 percent to 11,000. Group deliveries rose in China, Brazil and France, helping push inventories to their “lowest level in years,” Daimler said. Sales fell in Japan and the U.S.
“The development of sales in June exceeded our expectations,” Klaus Maier, Mercedes-Benz Cars’ top sales executive, said in Daimler’s statement. “We expect to see our sales stabilize in the second half of 2009.”
Source: bloomberg.com
BMW, which also makes Mini and Rolls-Royce models, delivered 127,546 cars and sport-utility vehicles in June compared with 146,136 a year earlier, the Munich-based company said in a statement today. The 13 percent drop was the slowest since October. Sales of Mercedes-Benz models fell 5 percent to 100,300 vehicles, the smallest decrease since September, Stuttgart, Germany-based Daimler said.
BMW fell 15 cents, or 0.6 percent, to 25.48 euros in Frankfurt trading, the lowest price since May 29. Daimler declined 37 cents, or 1.5 percent, to a three-month low of 24.20 euros.
PSA Peugeot Citroen, Europe’s second-largest carmaker, said today that first-half global sales fell 14 percent. The incentives were “quite favorable for us” in attracting customers for the Paris-based company’s smaller cars, Citroen division Managing Director Frederic Banzet said.
Lower inventories of unsold cars and improving demand have helped Daimler and BMW increase production rates. Daimler, which is also the world’s largest truckmaker, has reduced the number of employees on short-time work to 47,000 from 60,000 at the end of April. BMW has cut the number of workers on reduced hours to 12,000 from 25,000 in March.
“There are first indications of a slight recovery on the automobile markets,” Ian Robertson, BMW’s sales chief, said in the statement. Introductions of the X1 SUV and 5-Series Gran Turismo crossover model “will give sales a further boost in the second half of the year.”
German, Chinese Growth
Sales by the BMW brand fell 13 percent to 105,220 vehicles, while Mini-division deliveries slipped 8.9 percent to 22,273. Rolls-Royce sold 53 cars in June compared with 114 a year earlier. Group sales increased in Germany, China, India and Brazil. Sales in the U.S. fell 20 percent.
Daimler’s Mercedes-Benz Cars group, which includes the two- seat Smart minicar, delivered 111,300 vehicles in June, a decline of 6.7 percent, limiting the drop in the first half to 19 percent. Smart-car sales fell 17 percent to 11,000. Group deliveries rose in China, Brazil and France, helping push inventories to their “lowest level in years,” Daimler said. Sales fell in Japan and the U.S.
“The development of sales in June exceeded our expectations,” Klaus Maier, Mercedes-Benz Cars’ top sales executive, said in Daimler’s statement. “We expect to see our sales stabilize in the second half of 2009.”
Source: bloomberg.com
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