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BMW, Daimler, Volvo Boosted by Unexpected Automotive Recovery

Research and Markets
·2-min read

Dublin, Oct. 26, 2020 (GLOBE NEWSWIRE) -- published a new article on the automotive industry "BMW, Daimler, Volvo Boosted by Unexpected Automotive Recovery"

BMW AG has reported that it generated more cash than expected last quarter. Automotive free cash flow in the three months ended in September was 3.07 billion euros ($3.6 billion) up from 714 million euros a year ago. Analysts attribute BMW’s positive performance to sales growth in markets like China and Europe which recovered faster than expected combined with cost cutting measures during the quarter. The positive results mirror trends at other automakers like Daimler and Volvo Group which also posted results that exceeded analyst expectations.

To help counter losses, Daimler also introduced cost cutting measures such as moving away from building sedans in the United States in favour of more profitable SUVs and combining its fuel cell development with Volvo Group. Daimler also intends to further cut costs and R&D spending by 20% by 2025. The move will see Mercedes Benz move away from compact cars to focus on limousines and SUVs. Mercedes Benz will also aim to double sales of high end Maybach branded cars as well as eliminating manual gearboxes and reducing the variety of combustion engines by 70% by 2030.

To see the full article and a list of related reports on the market, visit "BMW, Daimler, Volvo Boosted by Unexpected Automotive Recovery"

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