According to Bloomberg, several truck manufacturers, including Daimler Truck Holding AG, have lowered their 2024 full-year performance forecasts due to weakened demand in the European and Asian markets, leading to sluggish sales.
In the second quarter of this year, Daimler Truck's global sales totaled 112,195 units, representing a nearly 15% year-on-year decline. Among these, sales of pure electric vehicles increased by 69% to 648 units. The group's revenue for the last quarter was €13.3 billion, down from €13.9 billion in the second quarter of last year. Adjusted EBIT was €1.17 billion, lower than the €1.43 billion recorded in the same period last year. Earnings per share were €0.93, down by €0.18 year-on-year.
Based on Daimler Truck's latest forecast, the group's revenue this year is expected to reach up to €55 billion (approximately $59.6 billion), lower than the previous estimate of €57 billion. EBIT is expected to be "significantly below" last year's level, with adjusted EBIT also slightly lower.
On August 1, Daimler Truck CEO Martin Daum stated during an earnings call that despite stable performance in the second quarter, the lowered full-year forecast means the group now "must work harder to close the gap with competitors."
In March of this year, Daum indicated that Daimler Truck expects the transition to zero-emission vehicles to boost the company's sales from 2025 or 2026 onwards. He also mentioned that the slow progress in expanding charging infrastructure in Europe and the United States has negatively impacted the transition.
According to Bloomberg, due to the decline in market demand, several truck manufacturers are currently adjusting their business forecasts. For example, U.S. truck manufacturer Paccar recently lowered its heavy-duty truck sales expectations in the U.S. and Canadian markets, while Volvo AB has revised down its forecast for the Chinese market and is also facing increasing challenges in the European market.
