CAPTION: The world's largest automakers are continuing to post record profits.(picture alliance/dpa)
The world's largest automakers are continuing to post record profits, according to a study by consulting firm EY. "The bottom line is that the third quarter was a dream quarter for the auto industry, despite the slowing economy and a very difficult geopolitical situation," said Constantin Gall, head of EY's Western Europe mobility division. The supply of semiconductors is slowly improving and demand for premium vehicles in particular remains high, he said.
However, the market for volume manufacturers in particular could come under pressure in the future, according to EY industry consultant Peter Fuß. "We are currently seeing broad sections of the population in key sales markets suffer significant losses in purchasing power. That means fewer and fewer people can afford or want to buy a new car." Manufacturers of high-priced cars, on the other hand, are more likely to succeed in avoiding discount battles, he said.
Between July and September, both total operating profit and total revenue for the 16 companies analyzed were at their highest levels ever recorded in a third quarter, according to EY. In terms of operating profit, Mercedes-Benz led the way globally with around 5.2 billion euros, well ahead of Volkswagen, which ranked second with 4.3 billion euros. BMW was fifth with 3.7 billion euros. The world's largest automaker Toyota, on the other hand, weakened and suffered a 25 percent drop in profits.
Even in the Chinese market, which had recently been restrained, things were looking up again for the carmakers. German manufacturers increased their sales by 28 percent there compared to the same quarter of the previous year, after the figures had recently tended to decline. Mercedes-Benz recorded the strongest growth with an increase of 67 percent. However, the Stuttgart-based company has recently had to cut prices for some models in China. "In China, the sky is no longer the limit, and the market is very competitive and demanding," said Fuß.
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