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Automotive Industry: Major Players

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Return to: Automotive Industry

See also: Volkswagen: Most Important Markets | Automotive Industry: Current State of EV Sales | Volkswagen: Electric Vehicles

Notes

  • Numbers of Hyundai, General Motors, Ford, and Tesla have been converted to euros using the exchange rate at the end of the reporting period.

Comparison of key metrics

Revenues

Company H1 2023 Y/Y Growth 2022 Y/Y Growth 2021 Y/Y Growth 2020 Y/Y Growth 2019 Y/Y Growth 2018 Y/Y Growth
Volkswagen € 156.3 billion[1] 18% € 279.2 billion[2] 12% € 250.2 billion[3] 12% €222.9 billion[4] -12% €252.6 billion[5] 7% €235.8 billion[6] 3%
Stellantis € 98.4 billion[7] 12% €179.6 billion[8] 18% €152.0 billion[9] 14% merger[10]
Renault[11] € 26.8 billion 27% €46.4 billion 11% €46.2 billion 6% €43.5 billion -22% €55.5 billion -3% €57.4 billion -2%
Hyundai[12] € 55.7 billion 20% € 99.8 billion 21% € 82.3 billion -1% € 83.2 billion -2% € 84.6 billion 9% € 77.5 billion -20%
BMW € 74.1 billion[13] 12% € 142.6 billion[14] 28% € 111.2 billion[15] 12% € 100.0 billion[16] -5% € 104.2 billion[17] 7% € 97.5 billion[18] -1%
General Motors[12] €77.6 billion 13% €146.1 billion 31% € 111.7 billion 11% € 100.3 billion -18% € 122.3 billion -5% € 128.0 billion 6%
Mercedes-Benz Group € 75.8 billion[19] 6% € 150.0 billion[20] 12% € 133.9 billion[21] 10% € 121.8 billion[21]
Ford[12] € 79.2 billion 11% € 147.4 billion 23% € 119.9 billion 15% € 104.1 billion -25% € 138.9 billion -1% 139.5 billion 7%
Tesla[12] € 44.2 billion 30% € 75.9 billion 61% € 47.3 billion 83% € 25.8 billion 18% € 21.9 billion 17% € 18.7 billion 91%
BYD[22] € 32.9 billion 80% € 57.2 billion 98% € 29.0 billion 58% € 18.3 billion 12% € 16.4 billion -3% € 16.8 billion 28%
Volvo[23] € 23.1 billion 11% € 42.3 billion 17% € 36.2 billion 8% € 33.6 billion -18% € 41.1 billion 8% € 38.1 billion 12%
Average[24] €67.7 billion 17% €124.2 billion 22% €101.8 billion 13% €85.40 billion -13% €93.1 billion 4% €89.9 billion 2%

Net Profit

Company H1 2023 Y/Y Growth 2022 Y/Y Growth 2021 Y/Y Growth 2020 Y/Y Growth 2019 Y/Y Growth 2018 Y/Y Growth
Volkswagen € 8.5 billion[1] -20% €15.8 billion[2] 3% €15.4 billion[3] 74.8% €8.8 billion[4] -37% €14.0 billlion[5] 15% €12.2 billion[6] 6%
Stellantis € 10.9 billion[7] 37% €16.8 billion[8] 26% €13.4 billion[9]
Renault[11] € 2.1 billion +3,800 -€700 million -172% €967 million 112% -€8.0 billion -1,000%+ €19 million -99% €3.5 billion -35%
Hyundai[12] € 4.7 billion 38% € 5.6 billion 40% € 4.0 billion 169% € 1.5 billion -40% € 2.6 billion 94% € 1.3 billion -64%
BMW € 6.6 billion[13] -50% € 18.6 billion[14] 49% € 12.5 billion[15] 223% € 3.6 billion[16] -23% € 5.0 billion[17] -29% € 7.2 billion[18] -17%
General Motors[12] €4.5 billion 3% €9.3 billion 5% €8.8 billion 68% €5.3 billion -12% €6.0 billion -15% €7.0 billion -316%
Mercedes-Benz Group € 7.7 billion[19] 13% € 14.8 billion[20] 33% €11.1 billion [21] 178% € 4.0 billion[21]
Ford[12] € 3.4 billion 245% - € 2.0 billion -113% € 15.8 billion -1,608% - € 1.1 billion -1,498% € 75 million -98% € 3.2 billion -50.3%
Tesla[12] € 4.7 billion -11% € 11.8 billion 136% € 5.0 billion 603% € 706 million -202% - € 690 million -25% -€ 925 million -50%
BYD[22] € 11.0 billion 217% € 2.3 billion 457% € 414 million -18% € 502 million 140% € 209 million -43% € 366 million -42%
Volvo[23] € 2.0 billion 23% € 2.9 billion -8% € 3.2 billion 66% € 1.9 billion -44% € 3.4 billion -41% € 2.4 billion 16%
Average[25] €6.0 billion -15% €8.7 billion -7% €7.7 billion 349% €1.5 billion -57% €3.4 billion -15% €4.0 billion 9%

Operating Margin

Company H1 2023 2022 2021 2020 2019 2018
Volkswagen 7.3%[1] 7.9%[2] 7.7%[3] 4.3%[4] 6.7%[5] 5.9%[6]
Stellantis 14.4%[7] 13.0%[8] 11.8%[9]
Renault[11] 7.6% 5.6% 3.6% -0.8% 4.8% 6.3%
Hyundai[12] 9.8% 6.9% 5.7% 2.3% 3.4% 2.5%
BMW 13.1%[13] 9.8%[14] 12.1%[15] 4.9%[16] 7.1%[17] 9.4%[18]
General Motors[12] 8.3% 8.9% 9.2% 11.3% 6.1% 8.0%
Mercedes-Benz Group 13.8%[19] 13.7%[20] 12.0%[21] 5.0%[19]
Ford[12] 5.3% 4.0% 3.3% -3.5% 0.4% 2.0%
Tesla[12] 10.5% 16.8% 12.1% 6.3% -0.3% -1.8%
BYD[22] 5.3% 3.1% 4.7% 2.0% 6.4% 3.6%
Volvo[23] 11.6% 9.7% 11.6% 8.1% 11.5% 8.8%
Average[26] 9.73% 9.04% 8.53% 3.99% 5.12% 4.97%

Automotive Division Net Cash Flow

Company H1 2023 Y/Y Growth 2022 Y/Y Growth 2021 Y/Y Growth 2020 Y/Y Growth 2019 Y/Y Growth 2018 Y/Y Growth
Volkswagen € 2.5 billion[1] 8% €4.8 billion[2] -44% €8.6 billion[3] 35% €6.4 billion[4] -41% €10.8 billion[5] 1,000%+ - €306 million[6] -94.9%
Renault[11] € 3.2 billion 24.6% € 4.8 billion 12% € 4.3 billion 219% -€ 3.6 billion -187% € 4.1 billion -7% € 4.4 billion 2%
BMW € 3.1 billion[13] -57% € 11.1 billion[14] 74% € 9.6 billion[15] 87% € 3.4 billion[16] 32% € 2.6 billion[17] -5% € 2.7 billion[18] -39%
General Motors[12] € 5.0 billion 268% € 9.8 billion 333% € 2.3 billion 6% € 2.1 billion 116% € 989 million -70% € 3.3 billion -20%
Average[27] €3.45 3% €7.63 23% €6.20 199% €2.08 -55% €4.62 83% €2.52 47%

Deliveries to customers

Company H1 2023 Y/Y Growth 2022 Y/Y Growth 2021 Y/Y Growth 2020 Y/Y Growth 2019 Y/Y Growth 2018 Y/Y Growth
Volkswagen 4.4 million[1] 13% 8.3 million[28] -7% 8.9 million[29] -5% 9.3 million[30] -15% 11.0 million[31] 1% 10.8 million[32] 1%
Stellantis 3.2 million[33] 7% 5.8 million[34] -1% 5.8 million[35] 137% 2.5 million[35] -27% 3.4 million[35]
Renault[11] 1.13 million[36] 13% 2.05 million[37] -6% 2.70 million[38] -9% 2.95 million[38] -21% 3.75 million[39] -3% 3.88 million[40] 3%
Hyundai 2.08 million[41] 11% 3.94 million[42] 1% 3.89 million[43] 4% 3.74 million[44] -15% 4.42 million[45] -4% 4.59 million[46] 2%
BMW 1.2 million[47] 5% 2.40 million[48] -5% 2.52 million[49] 8% 2.33 million[50] -8% 2.54 million[50] 2% 2.49 million[50] 1%
General Motors 3.0 million[51] 4% 5.9 million[52] -6% 6.3 million[53] -7% 6.8 million[54] -12% 7.7 million[55] -8% 8.4 million[56] -13%
Mercedes-Benz Group 1.2 million[57] 6% 2.5 million[58] -10% 2.75 million[59] -3% 2.84 million[60] -14% 3.3 million[60] -3% 3.4 million[61] 2%
Tesla 889,015[62] 57% 1.31 million[63] 40% 936,172[64] 87% 499,550[65] 36% 367,500[66] 50% 245,240[67] 142%
BYD 1.3 million[68] 94% 1.9 million[69] 152% 740,131[70] 73% 426,972[71] -7% 461,399[72] -11% 520,687
Average[73] 2.0 million 14% 3.79 million -1% 3.84 million 10% 3.5 million -15% 4.1 million -2% 4.3 million -7%

Market capitalization and PE ratio as at August 30 2023

Company Market capitalization PE ratio(TTM)
Volkswagen[74] 62.7 billion 5.5
Stellantis[75] 58.5 billion 2.7
Renault[76] 10.6 billion 3.3
Hyundai[77] 33.2 billion 2.8
BMW[78] 63.7 billion 5.6
General Motors[79] 46.0 billion 4.7
Mercedes-Benz Group[80] 72.2 billion 4.7
Ford[81] 48.2 billion 11.6
Tesla[82] 816.3 billion 68.0
BYD[83] 95.6 billion 28.0
Volvo[84] 449.7 billion 11.5

BMW and Mercedes-Benz

Electric Vehicles Performance

Fully Electric Vehicles global deliveries
Brand H1 2023 Y/Y Growth Proportion of fully EVs to total deliveries 2022 Y/Y Growth Proportion of fully EVs to total deliveries 2021 Y/Y Growth Proportion of fully EVs to total deliveries 2020 Y/Y Growth Proportion of fully EVs to total deliveries 2019 Proportion of fully EVs to total deliveries
BMW 152,936[85] 102% 12.5% 215,755[86] 108% 8.9% 103,855[87] 133% 4.1% 44,535[87] 13% 1.7% 39,411[88] 1.6%
Mercedes-Benz 117,950[89] 87% 9.8% 132,500[90] 103% 5.4% 65,371[90] 140% 2.6% 27,200[91] 1%
Volkswagen[92] 321,600 48% 7.4% 572,100 26% 6.9% 452,944 96% 5.1% 231,624 200%+ 2.5% 77,208 0.8%
BMW ,Mercedes-Benz and Volkswagen EVs Performance in China
  • BMW ranks second in China when it comes to tech features in its cars, followed by Xpeng, Tesla and VW, according to a consumer survey by AlixPartners[93].
  • Its Chief Executive Officer Oliver Zipse said during the 2023 IAA mobility conference that BMW isn't affected by price wars in China due to its positioning in the premium segment[93].
  • BMW is selling twice as many EVs as its German competitors Mercedes-Benz and Audi, that's according to its CEO Zipse[94].
  • According to Bloomberg, Mercedes-Benz sold 8,800 EVs from January to July 2022.
BMW EV Sales in China
Period EV sales[93] Y/Y Growth % of total deliveries to China
2018 1,726 0.3
2019 1,040 -40% 0.2
2020 1,122 8% 0.1
2021 21,858 1,000%+ 2.7
2022 41,886 92% 5.5
H1 2023 44,864 283% 11.7
BMW, Mercedes-Benz and Audi BEVs and Plug-In Hybrids sales in China
  • BMW leads Mercedes-Benz and Audi when it comes to clean vehicles sales in China[95].
  • According to Yale Zhang, managing director of Shanghai-based consultancy Automotive Foresight, among the three German brands, BMW is demonstrating speed and focus on EVs[95].
  • “BMW still needs to catch up to Chinese EV makers in intelligent driving solutions such as smart cockpit and autonomous driving,” he said. “But this concept car has shown a radical shift in its style and application of the smart cockpit. It’s one to watch.”[95]
Clean Vehicles Sales in China
  • BMW selling almost twice as many clean vehicles as Mercedes-Benz in China[94].
Model August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023
BMW 3.7K 3.2K 4.9K 7.6K 10.8K 7.3K 5.9K 8.5K 7.7K 8.3K 9.3K 6.8K
Mercedes-Benz 3.4K 3.5K 2.7K 2.4K 3.2K 3.0K 2.7K 3.9K 3.3K 4.0K 5.5K 5.2K
Audi 1.1K 1.3K 1.2K 1.4K 1.9K 1.1K 945 2.4K 3.0K 3.2K 3.4K 2.9K

EV Bets

  • Mercedes-Benz and BMW announced new EV models at the 2023 IAA mobility conference[96].
  • “The new platforms at Mercedes and BMW showcase, for the first time, what the European OEMs [original equipment manufacturers] will be capable of. These cars are likely still a year away, but their specifications show that European OEMs will be able to create compelling products,” Daniel Roeska, senior research analyst at Bernstein Research, told CNBC[96].
  • Roeska said these models will close a large portion of the gap with Tesla and Chinese players but not all of it[96].
Mercedes-Benz
  • During the 2023 IAA conference, Mercedes-Benz announced a near-production concept of its CLA Class[97].
  • It will be based on its upcoming Mercedes‑Benz Modular Architecture (MMA)[97].
  • The new model will be launched in 2024 and production will start in 2025 [98].
  • Four models, a four-door coupé, a shooting brake and two stunning SUVs will be rolled out of this concept[97].
  • It will rival the updated Tesla Model 3 that has a range of 629 KM[99].
  • Mercedes-Benz Concept CLA Class will be build in Rastatt plant[100].
  • After the start of production in Rastattt, the model will also be build in Kekscemet (Hungary) and Beijing (China).
  • Ranstatt plant produced 300,000 compact vehicles in 2016[101], but production efficiency is set to improve by 20%[102].
  • Here are its technical features;
Mercedes-Benz Concept CLA Class technical data[97]
Range 750 kilometers (466 miles) (WLTP)
Charging time up to 400 kilometres (248 miles) in 15 minutes
Energy consumption 12 kWh/100 km (5.2 mi/kWh)
Other features Child Presence Detection (CPD), New Mercedes-Benz Operating System (MB.OS) that combines AI and

supercomputing to provide new level of safetyy and personalization. MB.OS is expected to boost production

efficiency.

BMW
  • During the 2023 IAA conference, BMW showcased its future EV concept, the Vision Neue Klasse concept[93].
  • The Vision Neue Klasse concept has a digital display that projects onto the entire width of the windscreen[93].
  • The concept also has a software that process voice commands and hand gestures, the most desired tastes in China[93].
  • CEO Zipse said the Vision Neuw Klasse will be more profitable than their other EV models[94].
  • The Vision Neue Klasse model will have a range of 800 kilometers (497 miles) and charge from 10% to 80% in under half an hour, which is not so impressive compared to that of its competitors eg Mercedes-Benz EQXX prototype that drove 1,000 kilometre on a charge[93].
  • BMW also announced six models that include SUVs and sedans[103].
  • The models have 30% longer range and 30% shorter recharging time compared to existing EV models[103].
  • These models will come to the market in 2025.
  • BMW wants to increase the share of its EVs to 15% by the end of 2023[104].
  • BMW CFO told Bloomberg that it's “investing more than originally planned in the global ramp-up of e-mobility.” In Q2 2023, R&D rose 19% year-over-year to $2 billion[104].
  • BMW wants its EV share to be 25% by 2025 and 33% by 2026 and is forecasting to reach 50% share well ahead of the planned 2030[105].
  • The Vision Neue Klasse concept is also futuristic.
  • The model will initially be built at BMW’s new factory in Debrecen.
  • Debrecen plant is expected to be completed by 2025, will have production capacity of 150,000 units a year, and will be used for purely electric vehicles[106] .

Winners of the 2023 IAA mobility conference

  • In the SUV category, BMW iX3 secured the top spot followed by Skoda Enyaq (Coupe) iV[107].
  • In the compact class, BMW iX1 came second after Cupra Born[107].
  • BMW won the title "company car of the year" in six out of 18 categories[107].
  • 213 models competed in the 18 categories.
  • Volkswagen showed up empty-handed with regards to new EV models that will go into production in the near term. Its ID.7 which is going into production has made appearances in other shows and is more expensive than other ID models. Similarly, Volkswagen already availed the ID.2all model, which is expected to cost less than €25,000. The only thing that stood out is Volkswagen's desire to improve the design of its vehicles in order to differentiate between its iconic models and EVs[108].

Electric vehicles market share

  • As of 2022, BMW had a global market share of 4% while Mercedes-Benz had a market share of 3%[109].
  • Volkswagen had a market share of around 8%[109].

BMW and Mercedes-Benz CEO performance

Oliver Zipse, BMW CEO

Positions held
  • Zipse was appointed as CEO on 16 August 2019, replacing Harald Krüger who decided not to seek a second term[110].
  • Prior to his appointment, Zipse was a member of the management board of BMW AG since 2015 and was responsible for the product division[110].
  • Zipse joined BMW in 1991 as a trainee[110].
  • He held management positions including, Managing Director Plant Oxford and Senior Vice President Corporate Planning and Product Strategy[110].
  • It has been a tradition for BMW to appoint former head of product division as CEO[111].
Attributes
  • Bloomberg noted in an article that his steelness and conviction probably got him the top position[111].
  • Zipse has been described as confident with great persuasion skills[111].
  • Prior to his appointment as CEO, Zipse was not known outside BMW[111].
  • As head of production, he advocated in-house component production to preserve the company's workforce[112].
Achievements
  • When he was head of product division, he delivered a record product rollout designed to provide profits needed to transition to EVs and self-driving cars[111].
  • As head of production, he championed a manufacturing system that involves producing electric, hybrid and conventional vehicles on the same line to increase flexibility amid uncertain demand[111]. The model was efficient making him the top-pick for CEO position[113].
  • His efficient manufacturing network expanded under his watch in China, US and Hungary, helping BMW achieve very high profit margins[114].
  • As managing director of Oxford plant from 2007 to 2008, he oversaw increased robotisation of the plant's production line and significant increase in export sales[112].
Education
  • He holds a mechanical engineering degree from Technical University Darmstadt[111].
Areas that he needed to improve as CEO
  • Transition to EVs: He became CEO at a time when the company was searching for direction as it transitions to EVs. [111]
  • Partnerships: His main challlenge after becoming CEO was to unite BMW's fractious leadership on future partnerships[111].

Ola Källenius, Mercedes-Benz CEO

Positions held
  • Ola Källenius was appointed as CEO in September 2018, taking over from Dieter Zetsche, who became head of Supervisory board[115].
  • Prior to becoming CEO, Källenius was head of research and development at Mercedes Cars, a position he took over in 2015[116].
  • Kallenius was head of Mercedes’s performance division AMG from 2010 to 2013[117].
  • Kallenius also previously headed the sales division at Mercedes-Benz cars[117].
  • He joined Daimler in 1993 as a management trainee.
Education
  • He holds a masters degree in intermational managemen, and finance and accounting from Stockholm School of Economics in Sweden and the University of St Gallen in Switzerland[116].
Achievements
  • He had a good track record as head of operations at McLaren Automotive[117].
  • Källenius is credited for turning around the company, which issued profit warning in 2012 and reported record sales in 2015[116].
  • Under his reign as CEO, Mercedes-Benz has started to focus on high-end vehicles such as the Maybach limousines, AMG performance cars and G-Wagon off-roader as it shifts away from the less profitable models such as the compact A-Class[118].
Attributes
  • He is regarded as having an informal leadership style[116].
What analysts said after being appointed as CEO
  • “Kallenius can certainly ‘sell’ a new era better than alternative candidates could have,” said Juergen Pieper, a Frankfurt-based analyst at Bankhaus Metzler[117].

How sustainable are BMW and Mercedes-Benz profits?

Reasons for the profit developments from 2021-2023

Brand H1 2023 2022 2021
BMW Due to strong growth in net profit in H1 2022 due to one-time effect arising from consolidation of its Chinese joint ventue. The group also witnesed higher tax rate in the current period due to the consolidation of the venture[119]. Strong pricing for its high-end models due to global shortage of semi-conductor materials as well as full consolidation of Chinese joint venture, BMW Brilliance Automotive Ltd. (BBA). [120] Due to global semi-conductor shortage, BMW was able to sell more of high-profit models due to shortage of vehicles.[121]
Mercedes-Benz Tight cost control and focus on high-end premium vehicles[122]. Was due to tight cost control and focus on high-end vehicles[123]. Due to cost reductions and favorable product mix. Top-end vehicles rose 30% y/y.[124]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 https://www.volkswagen-group.com/en/press-releases/volkswagen-group-posts-solid-h1-results-and-strengthens-strategic-position-in-china-17440
  2. ↑ 2.0 2.1 2.2 2.3 https://www.volkswagen-group.com/en/financial-reports-volkswagen-group-15928
  3. ↑ 3.0 3.1 3.2 3.3 https://uploads.vw-mms.de/system/production/files/cws/036/343/file/f1ed44127c162b98c69919d52c471ac62905c405/Y_2021_e.pdf?1683547521
  4. ↑ 4.0 4.1 4.2 4.3 https://uploads.vw-mms.de/system/production/files/cws/036/345/file/558a97934b54e4d14d2a82edc16db52f4743fde1/Y_2020_e.pdf?1683547521
  5. ↑ 5.0 5.1 5.2 5.3 https://uploads.vw-mms.de/system/production/files/cws/036/347/file/d3f89399c049a38924665c3c311b34d418374c77/Y_2019_e.pdf?1683547522
  6. ↑ 6.0 6.1 6.2 6.3 https://uploads.vw-mms.de/system/production/files/cws/036/349/file/bebefb74b70a88fab7140bc824daf6f5f461ae4e/Y_2018_e.pdf?1683547522
  7. ↑ 7.0 7.1 7.2 https://www.stellantis.com/en/news/press-releases/2023/july/first-half-2023-results
  8. ↑ 8.0 8.1 8.2 https://www.stellantis.com/en/news/press-releases/2023/february/full-year-2022-results
  9. ↑ 9.0 9.1 9.2 https://www.stellantis.com/en/news/press-releases/2022/february/full-year-2021-results
  10. ↑ https://www.stellantis.com/en/investors/fca-groupe-psa-merger
  11. ↑ 11.0 11.1 11.2 11.3 11.4 https://www.renaultgroup.com/en/finance-2/documents-presentations/
  12. ↑ 12.00 12.01 12.02 12.03 12.04 12.05 12.06 12.07 12.08 12.09 12.10 12.11 12.12 https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507
  13. ↑ 13.0 13.1 13.2 13.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2023/q2/BMW_Group_PM_Q2_2023_EN.pdf
  14. ↑ 14.0 14.1 14.2 14.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2023/bericht/BMW-Group-Report-2022-en.pdf
  15. ↑ 15.0 15.1 15.2 15.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2022/bericht/BMW-Group-Report-2021-en.pdf
  16. ↑ 16.0 16.1 16.2 16.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2021/bericht/BMW-Group-Bericht-2020-EN.pdf
  17. ↑ 17.0 17.1 17.2 17.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2020/gb/BMW-GB19_en_Finanzbericht.pdf
  18. ↑ 18.0 18.1 18.2 18.3 https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2019/gb/BMW-GB18_en_Finanzbericht_190315_ONLINE.pdf
  19. ↑ 19.0 19.1 19.2 19.3 https://group.mercedes-benz.com/documents/investors/reports/interim-reports/q2/mercedes-benz-interim-report-q2-2023.pdf
  20. ↑ 20.0 20.1 20.2 https://group.mercedes-benz.com/documents/investors/reports/annual-report/mercedes-benz/mercedes-benz-annual-report-2022-incl-combined-management-report-mbg-ag.pdf
  21. ↑ 21.0 21.1 21.2 21.3 21.4 https://group.mercedes-benz.com/documents/investors/reports/annual-report/mercedes-benz/mercedes-benz-ir-annual-report-2021-incl-combined-management-report-mbg-ag.pdf
  22. ↑ 22.0 22.1 22.2 https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A82:M98
  23. ↑ 23.0 23.1 23.2 https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A102:M119
  24. ↑ https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A127:N141
  25. ↑ https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A144:O159
  26. ↑ https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A163:G175
  27. ↑ https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A178:N185
  28. ↑ Volkswagen:Deliveries/FY2022
  29. ↑ Volkswagen:Deliveries/FY2021
  30. ↑ Volkswagen:Deliveries/FY2020
  31. ↑ Volkswagen:Deliveries/FY2019
  32. ↑ https://www.volkswagen-newsroom.com/en/press-releases/new-delivery-record-for-volkswagen-group-in-2018-4561
  33. ↑ https://nocache.media.stellantis.com/uploads/em/news/stellantisnvh12023pressreleasefinal-64c0b8475c204.pdf
  34. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis-NV-20221231-Annual-Report.pdf
  35. ↑ 35.0 35.1 35.2 https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_NV_2021_Annual_Report_and_Form_20-F.pdf
  36. ↑ https://media.renaultgroup.com/2023-first-half-results-record-profitability-free-cash-flow/#:~:text=Worldwide%20Group's%20sales%20reached%201%2C134%2C000,%2B12%25%20versus%202022%20H1.
  37. ↑ https://www.renaultgroup.com/wp-content/uploads/2023/02/rg_2022_fy_results_earnings-report_en.pdf The number has been adjusted
  38. ↑ 38.0 38.1 https://www.renaultgroup.com/wp-content/uploads/2021/02/groupe-renault-2020-financial-results-earnings-report-190221.pdf
  39. ↑ https://www.renaultgroup.com/wp-content/uploads/2020/02/groupe-renault-earning-report-2019.pdf
  40. ↑ https://www.renaultgroup.com/wp-content/uploads/2019/02/groupe-renault_earnings-report_2018.pdf
  41. ↑ https://www.hyundai.com/worldwide/en/company/newsroom/-0000017056
  42. ↑ https://www.hyundai.news/eu/articles/press-releases/hyundai-motor-reports-2022-global-sales-and-2023-goals.html
  43. ↑ https://www.hyundai.com/worldwide/en/company/newsroom/-0000016776
  44. ↑ https://www.hyundai.com/worldwide/en/company/ir/stock-information/investors-news/december-2020-sales-results-0000000953
  45. ↑ https://www.hyundai.news/uk/articles/press-releases/hyundai-motor-reports-december-2019-global-sales.html#:~:text=Hyundai%20Motor%20Company%20today%20announced,decline%20from%20a%20year%20earlier.
  46. ↑ https://www.hyundai.com/worldwide/en/company/newsroom/-0000016093
  47. ↑ https://www.press.bmwgroup.com/global/article/detail/T0426438EN/bmw-group-raises-full-year-guidance-for-2023?language=en
  48. ↑ https://www.press.bmwgroup.com/global/article/detail/T0410558EN/solid-business-figures-for-2022-confirm-bmw-group-strategy?language=en#:~:text=In%20financial%20year%202022%2C%20the,2%2C521%2C514%20vehicles%2F%20%2D4.8%25).
  49. ↑ https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2022/hv/E3.7.1.pdf
  50. ↑ 50.0 50.1 50.2 https://report2020.bmwgroup.com/data/pdf/en/BMW-Group-Bericht-2020-EN.pdf
  51. ↑ https://media.gm.com/content/dam/Media/gmcom/investor/2023/jul/q2-earnings-deck-and-cy-2023.pdf
  52. ↑ https://media.gm.com/content/dam/Media/gmcom/investor/2023/jan/q4-earnings-deck-and-cy-2022.pdf
  53. ↑ https://media.gm.com/content/dam/Media/gmcom/investor/2022/jan/q4-earnings-deck-and-cy-2021.pdf
  54. ↑ https://investor.gm.com/static-files/7975483a-5aa0-4afb-83d7-df2aa4dc568b
  55. ↑ https://investor.gm.com/static-files/55af6ee7-b6ba-4970-b54d-e6952829e434
  56. ↑ https://media.gm.com/content/Pages/news/emergency_news/2019/0206-earnings/_jcr_content/iconrow/textfile/file.res/GM-Q4-2018-Press-Release-PDF.pdf
  57. ↑ https://group.mercedes-benz.com/documents/investors/reports/interim-reports/q2/mercedes-benz-interim-report-q2-2023.pdf
  58. ↑ https://group.mercedes-benz.com/investors/reports-news/annual-reports/2022/
  59. ↑ https://group.mercedes-benz.com/investors/reports-news/annual-reports/2021/
  60. ↑ 60.0 60.1 https://group.mercedes-benz.com/investors/reports-news/annual-reports/2020/
  61. ↑ https://group.mercedes-benz.com/investors/reports-news/annual-reports/2018/
  62. ↑ https://www.sec.gov/Archives/edgar/data/1318605/000095017023033872/tsla-20230630.htm
  63. ↑ https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-fourth-quarter
  64. ↑ https://ir.tesla.com/press-release/tesla-q4-2021-vehicle-production-deliveries#:~:text=In%202021%2C%20we%20delivered%20over,us%20achieve%20a%20great%20year.
  65. ↑ https://ir.tesla.com/press-release/tesla-q4-2020-vehicle-production-deliveries
  66. ↑ https://ir.tesla.com/press-release/tesla-q4-2019-vehicle-production-deliveries#:~:text=In%202019%2C%20we%20delivered%20approximately,with%20our%20full%20year%20guidance.&text=We%20continue%20to%20focus%20on,newly%20launched%20facility%20in%20Shanghai.
  67. ↑ https://ir.tesla.com/press-release/tesla-q4-2018-vehicle-production-deliveries-also-announcing-2000#:~:text=In%202018%2C%20we%20delivered%20a,in%20all%20prior%20years%20combined.
  68. ↑ https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0702/2023070200029.pdf
  69. ↑ https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0102/2023010200047.pdf
  70. ↑ https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0103/2022010301472.pdf
  71. ↑ https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0105/2021010500999.pdf
  72. ↑ https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0107/2020010701182.pdf
  73. ↑ https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1439105507&range=A188:O201
  74. ↑ https://finance.yahoo.com/quote/VOW.DE/
  75. ↑ https://finance.yahoo.com/quote/STLA/
  76. ↑ https://finance.yahoo.com/quote/RNO.PA/
  77. ↑ https://finance.yahoo.com/quote/HYMTF/
  78. ↑ https://finance.yahoo.com/quote/BMW.DE/
  79. ↑ https://finance.yahoo.com/quote/GM/
  80. ↑ https://finance.yahoo.com/quote/MBG.DE/
  81. ↑ https://finance.yahoo.com/quote/F/
  82. ↑ https://finance.yahoo.com/quote/TSLA/
  83. ↑ https://finance.yahoo.com/quote/BYDDY/
  84. ↑ https://finance.yahoo.com/quote/VOLV-B.ST/
  85. ↑ https://www.press.bmwgroup.com/global/article/detail/T0423219EN/strong-momentum-in-q2:-double-digit-sales-growth-11-3-bev-deliveries-more-than-doubled-again?language=en https://www.press.bmwgroup.com/global/article/detail/T0412878EN/high-pace:-electric-vehicle-sales-bmw-brand-more-than-double-again-in-q1?language=en#:~:text=The%20BMW%20brand%20was%20able,to%20inspire%20our%20customers%20worldwide. https://www.press.bmwgroup.com/global/article/detail/T0402163EN/at-the-forefront-of-electromobility:-bmw-group-doubles-global-sales-of-fully-electric-vehicles-in-first-half-year
  86. ↑ https://www.press.bmwgroup.com/global/article/detail/T0407340EN/bmw-group-stays-on-track-for-success-in-2022:-maintains-no-1-position-in-global-premium-segment-doubles-electric-sales?language=en
  87. ↑ 87.0 87.1 https://www.press.bmwgroup.com/global/article/detail/T0364013EN/electro-offensive-and-number-one-in-premium-segment:-bmw-group-posts-strong-sales-for-2021?language=en
  88. ↑ https://www.press.bmwgroup.com/global/article/detail/T0323950EN/bmw-group-concludes-year-marked-by-corona-pandemic-with-strong-fourth-quarter-and-leads-premium-segment-worldwide-for-17th-consecutive-year?language=en
  89. ↑ https://www.mercedes-benz-mobility.com/en/who-we-are/key-figures/interim-report/q2-2023/#:~:text=Demand%20for%20battery%20electric%20and,the%20first%20half%20of%202023.
  90. ↑ 90.0 90.1 https://group.mercedes-benz.com/company/news/sales-2022.html
  91. ↑ Estimated number: https://insideevs.com/news/465024/mercedesbenz-plugin-car-sales-2020/
  92. ↑ https://www.investmentwiki.org/wiki/Volkswagen:_Electric_Vehicles
  93. ↑ 93.0 93.1 93.2 93.3 93.4 93.5 93.6 https://www.bloomberg.com/news/articles/2023-09-02/bmw-unwraps-next-generation-ev-to-take-on-tesla-china-s-byd
  94. ↑ 94.0 94.1 94.2 https://www.bloomberg.com/news/articles/2023-09-02/bmw-ceo-sees-profit-boost-from-next-generation-electric-cars
  95. ↑ 95.0 95.1 95.2 https://www.bloomberg.com/news/articles/2023-09-05/rise-of-china-s-ev-makers-threatens-western-firms-ubs-says
  96. ↑ 96.0 96.1 96.2 https://www.cnbc.com/2023/09/04/bmw-mercedes-launch-biggest-electric-vehicle-push-yet-to-catch-tesla.html
  97. ↑ 97.0 97.1 97.2 97.3 https://media.mercedes-benz.com/press-kit/70b1862a-4b4d-4a1f-b274-62b37648bbbd/article/9a63ac3a-efd8-4b6b-817c-2d22ac9eb878
  98. ↑ https://www.autocar.co.uk/car-news/new-cars/mercedes-cla#:~:text=Range%20for%20the%20EV%20will,earmarked%20for%20launch%20in%202025.
  99. ↑ https://twitter.com/teslaeurope/status/1697420836716564811?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1697420836716564811%7Ctwgr%5E180cacb3be2e7154bade367eb99151c366b8cf5e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.theverge.com%2F2023%2F9%2F1%2F23855176%2Ftesla-new-model-3-design-highland
  100. ↑ https://www.electrive.com/2023/09/20/mercedes-confirms-cla-production-at-rastatt-plant/#:~:text=The%20purely%20electric%20CLA%20from,in%20Rastatt%2C%E2%80%9D%20Burzer%20says.
  101. ↑ https://www.automotivelogistics.media/mercedes-benzs-rastatt-plant-to-produce-compact-eq-model/18403.article
  102. ↑ https://www.electrive.com/2023/09/20/mercedes-confirms-cla-production-at-rastatt-plant/#:~:text=The%20purely%20electric%20CLA%20from,in%20Rastatt%2C%E2%80%9D%20Burzer%20says.
  103. ↑ 103.0 103.1 https://finance.yahoo.com/news/munich-auto-show-highlights-chinas-191100190.html
  104. ↑ 104.0 104.1 https://techcrunch.com/2023/08/03/bmw-is-pumping-more-cash-into-evs-than-originally-planned/#:~:text=BMW%20aims%20for%20its%20share,mobility%2C%E2%80%9D%20according%20to%20Bloomberg.
  105. ↑ https://europe.autonews.com/automakers/after-doubling-sales-full-electric-bmw-and-mini-cars-last-year-automaker-expects-demand
  106. ↑ https://www.press.bmwgroup.com/global/article/detail/T0395455EN/foundation-stone-laid-for-state-of-the-art-plant-in-debrecen?language=en
  107. ↑ 107.0 107.1 107.2 https://www.iaa-mobility.com/en/press/press-releases/iaa-mobility-award-winners-laureates
  108. ↑ https://www.bloomberg.com/news/newsletters/2023-09-04/vw-mercedes-and-bmw-show-up-to-german-car-show-empty-handed
  109. ↑ 109.0 109.1 https://www.investmentwiki.org/wiki/Automotive_Industry:_Current_State_of_EV_Sales
  110. ↑ 110.0 110.1 110.2 110.3 https://www.press.bmwgroup.com/global/article/detail/T0298910EN/oliver-zipse-appointed-new-chairman-of-the-board-of-management-of-bmw-ag
  111. ↑ 111.0 111.1 111.2 111.3 111.4 111.5 111.6 111.7 111.8 https://www.bloomberg.com/news/articles/2019-07-18/bmw-s-board-is-poised-to-name-production-chief-zipse-as-new-ceo
  112. ↑ 112.0 112.1 https://www.autocarindia.com/car-news/bmw-appoints-oliver-zipse-as-new-ceo-413537#:~:text=Oliver%20Zipse%20has%20been%20one,replaces%20Harald%20Kruger%20as%20CEO.&text=BMW%20has%20appointed%20Oliver%20Zipse,replacing%20outgoing%20boss%20Harald%20Kr%C3%BCger.
  113. ↑ https://www.financialexpress.com/auto/car-news/bmw-appoints-oliver-zipse-as-new-ceo-to-regain-lost-ground-in-ev-and-sales-race/1649556/
  114. ↑ https://www.carscoops.com/2019/07/bmw-appoints-oliver-zipse-as-its-new-chairman/
  115. ↑ https://group.mercedes-benz.com/investors/reports-news/ad-hoc/adhoc-release-339456.html
  116. ↑ 116.0 116.1 116.2 116.3 https://www.ns-businesshub.com/business/who-is-ola-kaellenius/
  117. ↑ 117.0 117.1 117.2 117.3 https://www.ttnews.com/articles/ola-kallenius-appointed-first-non-german-lead-daimler
  118. ↑ https://www.bloomberg.com/news/articles/2023-09-18/mercedes-ceo-pushes-for-open-markets-in-worsening-china-tension
  119. ↑ https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/ir/downloads/en/2023/q2/BMW_Group_PM_Q2_2023_EN.pdf
  120. ↑ https://www.press.bmwgroup.com/global/article/detail/T0410558EN/solid-business-figures-for-2022-confirm-bmw-group-strategy?language=en
  121. ↑ https://www.press.bmwgroup.com/global/article/detail/T0372853EN/bmw-group-significantly-increases-group-earnings-and-net-profit?language=en#:~:text=The%20strong%20earnings%20we%20achieved,AG%2C%20on%20Thursday%20in%20Munich.
  122. ↑ https://group.mercedes-benz.com/investors/reports-news/interim-reports/q2-2023/
  123. ↑ https://group.mercedes-benz.com/investors/reports-news/annual-reports/2022/
  124. ↑ https://www.just-auto.com/news/mercedes-benz-ag-posts-strong-2021-financial-results/?cf-view
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