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DAIMLER AG

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Chip shortage to cost Daimler Truck billions in revenues - Automobilwoche

11/28/2021 | 10:22am EST
FILE PHOTO: The Daimler logo is seen before the carmaker's annual shareholder meeting in Berlin

BERLIN (Reuters) - Daimler Truck Chief Martin Daum expects the global chip shortage to hit revenues by several billion euros this year and sees the problem continuing into next year, Automobilwoche reported on Sunday.

The world's largest commercial vehicle maker, to be spun off from Daimler on Dec. 10, has outlined cost-cutting measure aimed at boosting profit margins as it struggles with chip shortages hurting the entire sector.

Daum said there would be a significant financial hit.

"It is a huge sum," Daum told Automobilwoche, saying the company would sell a "mid five-digit number" fewer vehicles than it could have.

With an average price of 100,000 euros ($113,170) per vehicle, this means several billion euros in lost revenues, reported Automobilwoche.

"We also have many vehicles sitting in the factory where just one part is missing. These deliveries are a priority because they are already sold," said Daum.

He also told Automobilwoche that supply problems are likely to continue in 2022.

($1 = 0.8836 euros)

(Reporting by Madeline Chambers, Editing by Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 0.15% 74.42 Delayed Quote.9.87%
DAIMLER TRUCK HOLDING AG -3.86% 34.71 Delayed Quote.11.09%
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Financials
Sales 2021 132 B 151 B 151 B
Net income 2021 12 557 M 14 306 M 14 306 M
Net cash 2021 19 897 M 22 668 M 22 668 M
P/E ratio 2021 6,43x
Yield 2021 6,04%
Capitalization 79 446 M 90 630 M 90 513 M
EV / Sales 2021 0,45x
EV / Sales 2022 0,40x
Nbr of Employees 289 282
Free-Float 81,7%
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Number of Analysts 23
Last Close Price 74,26 €
Average target price 91,53 €
Spread / Average Target 23,3%
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Ola Källenius Chairman-Management Board
Harald Emil Wilhelm Chief Financial Officer
Bernd Pischetsrieder Chairman-Supervisory Board
Markus Schäfer Chief Operating Officer
Clemens A. H. Börsig Member-Supervisory Board
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