German automotive giant Daimler reported a 34pc drop in cars sold in Q2 to 541,800 units over the prior-year period in its Q2 earnings report. However, the company anticipates a strong recovery in demand in the second half of the year.
Ola Källenius, Daimler’s chairman, said that the pandemic had significantly impacted the sales of both passenger and commercial vehicles in the first six months of the year. However, he said that strong demand recovery is noticed at its main subsidiary, Mercedes Benz.
At Mercedes, sales in Q2 2020 contracted by 30pc to 480,800 units from the same period last year. At Daimler Trucks and Buses, sales fell 55pc to 61,000 units during the same period.
The company reported a drop of 29pc in revenue to €30.2 billion ($35bn) and an EBITDA loss of €1.7bn ($1.9bn). Net loss stood at €1.9bn ($2.2bn).