企業(yè)研究-【汽車】梅賽德斯奔馳Vans戰(zhàn)略規(guī)劃-2023

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STRATEGYUPDATE:

MERCEDES-BENZVANS

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

DISCLAIMER

Thefollowingpresentationcontainsforward-lookingstatementsthatreflectmanagement'scurrentviewswithrespecttofutureevents.Suchstatementsaresubjecttomanyrisksanduncertainties.Iftheassumptionsunderlyinganyofthesestatementsproveincorrect,thenactualresultsmaybemateriallydifferentfromthoseexpressedorimpliedbysuchstatements.Forfurtherdetails,pleaserefertothedisclaimerattheendofthepresentation.

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STRATEGYUPDATE:MERCEDES-BENZVANS

FOUNDEROFTHE

LIGHTCOMMERCIAL

VEHICLESEGMENT

MAY16,2023

Internal

-BENZVANS

STRATEGYUPDATE:MERCEDES

MAY16,2023

VANPORTFOLIOSTRONGLYFOCUSEDONUPPERSEGMENTS

SHAREOFOVERALLSALES

SprinterVitoV-ClassCitan/T-Class

~50%~30%~15%5%

SMALL

MIDSIZE

LARGE

>400K

DELIVEREDin2022

STRATEGYUPDATE:MERCEDES-BENZVANS

THEVANBUSINESSISCOMMERCIALLYATTRACTIVE

PLAYERS

Stableandconcentrated

Top-3playersinEurope

dominateapprox.70%

ofthemarket

MARKETS

Strongandgrowing

DevelopmentLCV-market

+25%expectedincoremarkets,

from2022throughto2030*

CUSTOMERS

Knowledgeableandloyal

MostlyB2Bcustomers

PRODUCTS

Periodicallylowercapital

intensityandlonglifecycles

Fewerarchitectures,lifecycles

of>10years,focusonre-use

AHISTORICALLYPROFITABLESEGMENTFORTHEINDUSTRY

*CoreMarkets:Europe,U.S.,China;Source:IHS

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

MERCEDES-BENZVANSENJOYSAUNIQUEPOSITION

Exceptionaltop-end

productidentity

Bestmix,strongestpricing,

highestresiduals

Favourablechannelmix

Balancedmarketcoverage

Highestbuyerloyalty

StrongsynergieswithMercedes-BenzCars

Leadtheindustry

toall-electricfuture

Growtop-endpositioning

evenfurther

Expandprofitablegrowth

inU.S.andChina

Addressmanufacturingfootprint

Lowercoststructure

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

PREMIUM

VOLUME

ENTRY

Salesvolume

20212030

FOCUSONPREMIUMSEGMENTSINEACHINDUSTRY

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

PRIVATEVANS:ENHANCINGTHETOP-ENDOFOURPORTFOLIO

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

COMMERCIALVANS:FOCUSEDONANDSUCCESSFUL

INTHEMOSTPROFITABLESEGMENTS

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

COMMERCIALVANS:FOCUSEDONANDSUCCESSFUL

INTHEMOSTPROFITABLESEGMENTS

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

Wehavemadeastrongcommitmenttoclimateprotection

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

NETCARBON-NEUTRALFLEETOFNEWVANS

2026

upto20%BEVshare

2030

>50%BEVshare*

2039

Netcarbon-neutral

fleetofnewvansovertheentirelifecycle

2022

Netcarbon-neutral

productionatourown

plantsworldwide

PRODUCTION&LOGISTICS

WELL-TO-TANKTANK-TO-WHEEL

ENDOFLIFE

SUPPLYCHAIN&

RAWMATERIALS

target

*Wherevermarketconditionsallow,

MAY16,2023

Internal

TRANSITIONPLANTOWARDS“ELECTRICONLY”

VAN.EA

2030

2026

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

ELECTRIFICATIONROADMAP

2010

Introduction

offirstelectricVito

2023

ElectrificationofeveryVan

segment&presentationof

neweSprinter

2026

Launchof

all-new,electric-only

architectureVAN.EA

2030

>50%shareofbattery

electricvehicles*

*Wherevermarketconditionsallow,target

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

LEVERAGINGOURSTRENGTHSTODELIVER

INDUSTRY-LEADINGPROFITABILITY

2022

Q1/2023

SALES

415.3

Kunits

+8%(2021:386.2)

98.9

Kunits

+12%(Q1/22:88.5)

REVENUE

17.2

EURbn

+17%(2021:14.7)

4.6

EURbn

+25%(Q1/22:3.7)

EBITADJUSTED

1.9

EURbn

+57%(2021:1.2)

719

EURm

+54%(Q1/22:466)

ROSADJUSTED

11.2

percent

+2.9%p(2021:8.3)

15.6

percent

+3.0%p(Q1/22:12.6)

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

INTENSIFYINGOURFOCUSONCOSTCOMPETITIVENESS

PRODUCTSANDTECHNOLOGY

Substantialreduction

ofcomplexity

Increasedcommonality

acrossVansproducts

Tailored,cost-focused

componentsoptimisedforLCVs

Commonalitywithcarmodulestodrivesynergies

MANUFACTURING

Intensifiedmanagement

approachtomanufacturingand

optimisationofplants

Strongfocuson

performanceandHPV

Reorganisationoffootprintwith

new,pure-electricLCVplantin

Jawor,Poland

FIXEDCOSTSANDOVERHEAD

Streamlinedprocesses

Digitalisation

Synergieswith

Mercedes-BenzCars

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

UNIQUELYPOSITIONEDINANATTRACTIVEINDUSTRY,INTENSIVELYFOCUSEDONVALUECREATION

Anexceptionalportfolioofproducts,gearedtowardsuppersegments

Uniqueandcontinuouslyhighestpricingpower

Highestlevelofbrandattractivenessandloyalty

Targetedfocusonthemostprofitablemarkets

Intensifiedcostfocusandfootprintoptimisation

Highlyambitioustechnologyroadmaptoleadtheindustrytoall-electricfuture

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

EMBRACE

customersand

growlifetime

revenues

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

inelectric

driveanddigitalexperience

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

LOWER

totalcostbaseand

improveindustrial

footprint

Guidedbyeconomic,environmentalandsocialsustainability

Acceleratedbydigitalisationanddata-drivenbusiness

Drivenbyahighlyqualifiedandmotivatedteam

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

LOWER

inelectric

driveanddigitalexperience

totalcostbaseandimproveindustrialfootprint

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

EMBRACE

customersand

growlifetime

revenues

Guidedbyeconomic,environmentalandsocialsustainability

Acceleratedbydigitalisationanddata-drivenbusiness

Drivenbyahighlyqualifiedandmotivatedteam

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

LEADERSHIPINFOURAREAS

BRAND

CUSTOMERFOCUS

SUSTAINABILITY

TECHNOLOGY

STRATEGYUPDATE:MERCEDES-BENZVANS

Transactionprice

MAY16,2023

MBShare

MBShare

~50%

#1TARGET

MERCEDES-BENZVANSHASTHEINDUSTRY’S

STRONGESTPRICINGPOWER

Significantpricepremia

CompetitorACompetitorBSprinter

pricepremium

Sprintervs.maincompetitors

cashtransactionprice2022,Germany

~15%

~85%

~50%

~50%

Entry/VolumePremium1

Mercedes-Benzvans

sharebysegment

Totalmidsize&largevanmarketin2021,Germany

1Listpriceexcl.options/Premiummidsizevan:EUR>35k/Premiumlargevan:EUR>45k

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

USA

16%

China

8%

RoW

16%

#1TARGET

I.REGIONS:

REGIONALSALESSPLIT&COMPREHENSIVEPORTFOLIO

Europe

60%

80%COMMERCIALAPPLICATIONS

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

II.CHANNELS:

PROFITABLESALESCHANNELMIX

SHAREOFRETAILAND

SMALLFLEETBUSINESS*

SHAREOF

LARGERFLEETBUSINESS*

*Europeandatabasis

0

3%

Source:CSIStudy2022,#1placements:MB55%vs.13%(VW)

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

III.PRODUCTS:

AIMINGFORPROFITABLEGROWTHINMOSTIMPORTANTREGIONS

EUROPE

Strengtheningour

position

Expansionintopremiumsegments

withpotential,e.g.campervans

USA

Aimingtosubstantially

increaseoursalesby2030

NEW:OfferofVAN.EAprivate

midsizevanintheU.S.

CHINA

Significantgrowthpotential

forprivateVans

VAN.EAprivatemidsizevanin

unparalleledluxurypositioning

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

IV.INDUSTRIES:

OFFERINGTAILOR-MADEVEHICLESWITHPARTNERS

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

OURVANS-THEPERFECTBASISFORUPFITTINGSOLUTIONS

#1

OEMRANKING*

>75%

SHAREOFUPFITTEDLARGEVANS

*SurveyconductedbyanexternalinstituteonbehalfoftheMercedes-BenzGroupAG

Source:CSIStudy2022,#1placements:MB55%vs.13%(VW)

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

OURVANSOLUTIONPARTNERS:

COMMITTEDTOOURSUSTAINABILITYAMBITION

AMBITION2039

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#1TARGET

OURPRODUCTSKEEPTHEWORLDRUNNING

PrivateUsage

Private20%*

Services&Crafts

Rental

Deployment&

Municipal

Recreational

Vehicles

Manufacturing

Commercial80%

CEP&Logistics

Trade&eGrocery

Construction

PeopleMover

OrderedaccordingtosalesvolumeofMercedesBenzVansinGermany2021

(e)VitoTourer

*Private20%2021Summary:EQV,V-Class,CitanTourer,

Internal

MAY16,2023

#1TARGET

NEWMODELLINECAMPERVANSBASEDONVAN.EA

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

LOWER

inelectric

driveanddigitalexperience

totalcostbaseandimproveindustrialfootprint

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

EMBRACE

customersand

growlifetime

revenues

Guidedbyeconomic,environmentalandsocialsustainability

Acceleratedbydigitalisationanddata-drivenbusiness

Drivenbyahighlyqualifiedandmotivatedteam

STRATEGYUPDATE:MERCEDES-BENZVANS

#2EMBRACE

RepurchaserateMercedes-BenzSprinter(Europe,2021)*

Highlytrusted

commercialcustomerservice

serviceretention

(vehicleage0-4yrs.-Europe,2022)

74%

>70%

*Source:NVBS2022

#2EMBRACE

RESILIENTBUSINESSBUILTONSTRONGRELATIONSHIPS

Mostloyalcustomerbase

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

REPURCHASE

CONSIDERATION

PURCHASE

SERVICES

&REPAIRS

OPERATIONS

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

CONSIDERATION

BY2026*:

>20%onlinesales

>75%directsalesinEurope

20directsalesmarketsglobally

*Target

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

Salesandcustomerservicesatisfactionrating

PURCHASE

4.5/5

Today*

*Internal

survey,2022

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

OPERATIONS

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

OPERATIONS

70%connectedvansin2022incoremarkets

?30digitalextrasin2023

RelevantincrementalEBITcontributiongoingforward

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

>4,200retaillocations

+additionalmobilerepair

SERVICES

&REPAIRS

~30minaveragedrivetime

tonextretaillocationinEurope

>50%servicecontracts

Mercedes-BenzVansUptime:vehicledatafrom

>4,000datapoints

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#2EMBRACE

FOCUSEDONATTRACTINGAND

RETAININGLIFELONGCUSTOMERS

REPURCHASE

74%Sprinterrepurchaseratein2021inEurope

+Retrieval&reorder

+Financialserviceofferings

Source:NVBS2022

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

LOWER

inelectric

driveanddigitalexperience

totalcostbaseandimproveindustrialfootprint

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

EMBRACE

customersand

growlifetime

revenues

Guidedbyeconomic,environmentalandsocialsustainability

Acceleratedbydigitalisationanddata-drivenbusiness

Drivenbyahighlyqualifiedandmotivatedteam

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#3LEAD

PIONEER:OURFIRSTELECTRICVANSTARTEDEARLY

201020231972

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#3LEAD

eSPRINTEREFFICIENCYTESTDRIVE

FROMLASVEGAS,NEVADA,TOLONGBEACH,CALIFORNIA

LASVEGAS

275mi/443km

withoutrechargingthe113kWhbattery

LONGBEACH

Internal

#3LEAD

GROWINGSTRONGLYWITHAFULLRANGE

OFPRIVATEANDCOMMERCIALVANS

TOPRESENT

>40,000

eVanssold

TARGET2026

upto20%

BEVshare

TARGET2030

>50%

BEVshare*

*Wherevermarketconditionsallow

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#3LEAD

EFFICIENCYISTHENEWCURRENCY

VAN.EAPRIVATE

DRIVETRAIN

TYRES

CHASSIS

THERMALMANAGEMENT

ELECTRICALSYSTEM&EE

AERODYNAMICS

MATERIALCONCEPT

VAN.EACOMMERCIAL

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

#3LEAD

VAN.EA:HIGHDEGREEOFMODULARITYTOMEETCUSTOMERREQUIREMENTS

LUXURY

PRIVATEVAN

>50%reductionofbodyinwhitevariants

MAY16,2023

PREMIUM

COMMERCIALVAN

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#3LEAD

TARGETINGLEADERSHIPINELECTRICDRIVE

ANDDIGITALEXPERIENCE

ELECTRICDRIVE

VAN.EAisournew,purpose-builtEVarchitecture-

formidsizeandlargevans,privateandcommercial.

MB.OS

WithourMercedes-BenzOperatingSystemwewillofferevenmoredigitalextrasforourcustomersincludingB2B-specificsolutions&accesstothird-partyapps.

AUTOMATEDDRIVING

WiththelaunchofVAN.EA-basedvehicles,wewillprovideSAELevel2capabilities.

Ourambition:Startingbyendofthedecade,SAELevel3forprivatecustomers

andLevel4forcommercialcustomers.

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

LOWER

inelectric

driveanddigitalexperience

totalcostbaseandimproveindustrialfootprint

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

EMBRACE

customersand

growlifetime

revenues

Guidedbyeconomic,environmentalandsocialsustainability

Acceleratedbydigitalisationanddata-drivenbusiness

Drivenbyahighlyqualifiedandmotivatedteam

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#4LOWER

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

#4LOWER

RAISINGOURAMBITIONSLEVEL:

TACKLINGCOSTSATALLLEVELS

COMPANY

FIXEDCOSTS

-20%*

Processes

Digitalisation

Synergies

PRODUCTS

OPERATIONS

PORTFOLIOVARIANTS

-30%*

HOURSPERVEHICLE(HPV)

-25%*

*Bymid-decadevs.2019

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

374

438

386415

+11%

+29%

1.9

11.2

8.3

6.0

+87%

FINANCIALS:STARTINGFROMASTRONGPOSITION

Controlledgrowthinsales

Kunits

Strongrevenueimprovement

bnEUR

14.8

17.2

14.7

13.3

202020212022

2019

2019202020212022

Double-digitmargins

ROS(adjusted)percent

EBIT

Significantstepupin

(adjusted)bnEUR

0.3

1.9

1.2

0.8

+138%

20192020202120222019202020212022

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

544

FINANCIALS

RAISINGASPWITHCONTROLLEDCOSTS

AverageSalesPrice

(ASP)

+24%

Research&

Development

EURm

+2%

553

Investmentinplant,

property&equipment

EURm

-17%

199

240

FixedCosts

-7%

20192022201920222019202220192022

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STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

Netpricing

FURTHERPOTENTIAL

ASP

+24%

FINANCIALS

RESILIENTBUSINESSBASEDONSTRONGREVENUESTREAMS

KEYLEVERS

schematic

Positivemix

Directsalesmodel

Digitalextras

Customerservice&parts

2019

2022

endofdecade

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

FINANCIALS

INVESTINGINOURELECTRICANDSOFTWARE-DRIVENFUTURE

KEYLEVERS

RadicallyreducedICEinvestments

Ramp-upofVAN.EABEV&softwareinvestments

Investmentsinfutureproductionnetwork

Investmentreductionbytheendofthedecade

schematic

Capex&R&Dinvestments

~€1bn

~-70%

Drivetrain-independentinvestments

BEV

ICE

2019mid-decadeendofdecade

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

FINANCIALS

FIXEDCOSTREDUCTIONATALLLEVELS

KEYLEVERS

Streamlinedprocesses

Digitalisation

SynergieswithMercedes-BenzCars

schematic

Fixedcosts

-20%—→

2019mid-decadeendofdecade

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

Reorganisedindustrialfootprint

HPVimprovements

Complexityreduction

2019mid-decadeendofdecade

Batterycostimprovements

FINANCIALS

VARIABLECOSTREDUCTIONATALLLEVELS

KEYLEVERS

schematicandbeforemixchange

Variablecosts

eSprinter

NeweSprinter

EU7

VAN.EA

BEV

ICE

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

ROSadjusted

1.9

FINANCIALS

OURFINANCIALAMBITIONSFORMERCEDES-BENZVANS

11.2

8.3

6.0

2019202020212022

Guidance

13

11

2023mid-decadeendofdecade

levelof2022

slightlylower

1.1

0.6-0.8

CCRadjusted

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

TARGET

premiumsegmentsandfocusonprofitable

growth

LEAD

LOWER

inelectric

driveanddigitalexperience

totalcostbaseandimproveindustrialfootprint

MERCEDES-BENZVANSSTRATEGY

WEOFFERTHEWORLD’SMOSTDESIRABLEVANSANDSERVICES

EMBRACE

customersand

growlifetime

revenues

HIGH-MARGIN

SEGMENTS

STABLEPROFIT

STREAMS

BEST-IN-CLASS

TECHNOLOGY

HIGHEST

PROFITABILITY

Internal

STRATEGYUPDATE:MERCEDES-BENZVANS

MAY16,2023

DISCLAIMER

Thisdocumentcontainsforward-lookingstatementsthatreflectourcurrentviewsaboutfutureevents.Thewords“anticipate,”“assume,”“bel