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Q1 2017Corporate Presentation
Daimler AG
CONTENTS
Key figuresDivisional information
Group financials
Daimler Group Strategy
China
Outlook
Appendix
Daimler AG Page 2Daimler Corporate Presentation / Q1 2017 / Page 2
Daimler AG
Highlights of Q1 2017
Page 3Daimler Corporate Presentation / Q1 2017 / Page 3
Completion of the E-Class model family with the new E-Class Coupé and E-Class Cabriolet
Start of production of the newly redesigned Mercedes-Benz GLA compact SUV
Launch of Truck Data Center and the new digital services Mercedes-Benz Uptime and FleetBoard Manager
Strategic investment in charging solution provider ChargePoint
Presentation of the new pickup Mercedes-Benz Concept X-CLASS study at the Geneva Motor Show
Unit sales– in thousands of units –
Q1 2016 Q1 2017
684754
+10%
Net profit– in billions of euros –
Q1 2016 Q1 2017
1.4
2.8
+100%
Revenue– in billions of euros –
Q1 2016 Q1 2017
35.038.8
+11%
EBIT– in billions of euros –
Q1 2016 Q1 2017
2.1
4.0
+87%
Investments in PayCash Europe for electronic payment services and launch of services of AutoGravity for digital vehicle financing
Strengthening of the digital mapping business of HERE by involvement of new investors (Intel, Chinese investor consortium)
Daimler AG
Continued high level of net industrial liquidity
Page 4Daimler Corporate Presentation / Q1 2017 / Page 4
* dividend of €3.5 billion not paid out until April
Free cash flow industrial businessQ1 2017: €1.9 billion
Net industrialliquidity
12/31/2016
Earnings and other cash flow
impact
Working capital impact
Other(mainly capital
increase to DFS)
Net industrialliquidity
3/31/2017*
+0.9 21.1-0.5
19.7+0.7
- in billions of euros -
+0.3
Sale of real estate in Japan
Daimler AG
CONTENTS
Key figures
Divisional informationGroup financials
Daimler Group Strategy
China
Outlook
Appendix
Daimler AG Page 5Daimler Corporate Presentation / Q1 2017 / Page 5
Daimler AG
Mercedes-Benz Cars: continued business growth based on strong product portfolio
Annual Press Conference / February 2, 2017 / Draft 19.01.2017 18:00 Page 6Page 6Daimler Corporate Presentation / Q1 2017 / Page 6
Unit sales – in thousands of units –
Q1 2016 Q1 2017
Revenue– in billions of euros –
EBIT– in millions of euros –
497568
Q1 2016 Q1 2017
20.022.7
Q1 2016 Q1 2017
1,395
2,234
+14% +14% +60%
Daimler AG
Mercedes-Benz Cars: sales increase by 14% reflecting our strong product line-up- in thousands of units -
Page 7Daimler Corporate Presentation / Q1 2017 / Page 7
Q1 2016
497
568
Q1 2017
102
125
95
18
6
107
108
6121
7
smart
E-Class
C-Class
A-/B-Class
S-Class
Sports Cars34
35
SUVs
158
188
Daimler AG
Mercedes-Benz Cars: globally balanced sales structure with strong development in all major regions- unit sales in thousands -
Page 8Page 8Daimler Corporate Presentation / Q1 2017 / Page 8
Q1 2016
497
568
Q1 2017
155
78
74
167
108
77
70
153
Rest of world
Germany
United States
China
Europeexcl. Germany
89
94
Daimler AG
Mercedes-Benz Cars: EBIT- in millions of euros -
Annual Press Conference / February 2, 2017 / Draft 19.01.2017 18:00 Page 9Page 9Daimler Corporate Presentation / Q1 2017 / Page 9
* Return on sales
EBITQ1 2016
EBITQ1 2017
1,395
2,234
+ 839
7.0%*
9.8%*
Higher unit sales
Foreign exchange rates
Remeasurement of the equity investment in THERE Holding B.V.
Higher expenses for new technologies and future products
Daimler AG
Daimler Trucks: increase in EBIT driven by sale of real estate in Japan
Page 10Daimler Corporate Presentation / Q1 2017 / Page 10
Unit sales – in thousands of units –
Q1 2016 Q1 2017
Revenue– in billions of euros –
EBIT– in millions of euros –
10694
Q1 2016 Q1 2017
8.2 7.9
Q1 2016 Q1 2017
516
668
-11% -3% +29%
Daimler AG
Daimler Trucks: sales decrease by 11% mainly driven by NAFTA region- in thousands of units -
Page 11Page 11Daimler Corporate Presentation / Q1 2017 / Page 11
* European Union, Switzerland and Norway
Q1 2016
106
94
Q1 2017
17
33
6
30
15
40
6
35
Rest of world
Latin America
NAFTA region
EU30*
Asia
10
8
Daimler AG
Daimler Trucks: EBIT- in millions of euros -
Page 12Page 12Daimler Corporate Presentation / Q1 2017 / Page 12
* Return on sales
EBITQ1 2016
EBITQ1 2017
516
668
+ 152
6.3%*
8.4%*
Efficiency enhancements
Foreign exchange rates
Sale of real estate at the Kawasaki site in Japan
Lower unit sales in the NAFTA region
Daimler AG
Mercedes-Benz Vans: strong development based on very successful products
Page 13Daimler Corporate Presentation / Q1 2017 / Page 13
Unit sales – in thousands of units –
Q1 2016 Q1 2017
Revenue– in billions of euros –
EBIT– in millions of euros –
76.686.8
Q1 2016 Q1 2017
2.8 3.0
Q1 2016 Q1 2017
301357
+13% +6% +19%
Daimler AG
Mercedes-Benz Vans: EBIT- in millions of euros -
Page 14Page 14Daimler Corporate Presentation / Q1 2017 / Page 14
* Return on sales
EBITQ1 2016
EBITQ1 2017
301357
+ 56
10.7%*
11.9%*
Higher unit sales
Foreign exchange rates
Higher expenses for new technologies and future products
Daimler AG
Daimler Buses: positive development driven by strong European business and higher unit sales in Latin America
Page 15Daimler Corporate Presentation / Q1 2017 / Page 15
Unit sales – in thousands of units –
Q1 2016 Q1 2017
Revenue– in billions of euros –
EBIT– in millions of euros –
4.85.4
Q1 2016 Q1 2017
0.80.9
Q1 2016 Q1 2017
39
65
+12% +8% +67%
Daimler AG
Daimler Buses: EBIT- in millions of euros -
Page 16Daimler Corporate Presentation / Q1 2017 / Page 16
* Return on sales
EBITQ1 2016
EBITQ1 2017
39
65
+ 26
4.7%*
7.2%*
Better mix in Europe
Foreign exchange rates
Lower unit sales in Turkey
Daimler AG
Daimler Financial Services: further business growth
Daimler Corporate Presentation / Q1 2017 / Page 17
New business – in billions of euros –
Q1 2016 Q1 2017
Contract volume– in billions of euros –
EBIT– in millions of euros –
13.7
16.8
12/31/2016 3/31/2017
132.6 135.0
Q1 2016 Q1 2017
432
524
+23% +2% +21%
Daimler AG
Daimler Financial Services: EBIT- in millions of euros -
Page 18Daimler Corporate Presentation / Q1 2017 / Page 18
* Return on equity
EBITQ1 2016
EBITQ1 2017
432
524
+ 92
17.4%*
19.3%*
Higher contract volume
Daimler AG
CONTENTS
Key figures
Divisional information
Group financialsDaimler Group Strategy
China
Outlook
Appendix
Daimler AG Page 19Daimler Corporate Presentation / Q1 2017 / Page 19
Daimler AG
Development of EBIT and RoS adjusted for special items*- EBIT in billions of euros; RoS in % -
6,8%6,5%
7,7%
9,4% 9,4%8.2
10.1
8.0
14.2
2012 2013 20162014
* EBIT adjusted for special items of Daimler Group; return on sales adjusted for special items of Daimler Group excluding Daimler Financial Services
13.8
2015
Page 20Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Further investment growth as a basis for profitable growth and development of future mobility- in billions of euros -
10.5 10.510.5
Actual2012
Actual2013
Actual2014
Research and development expenditure
Investment inproperty, plantand equipment
Plan2017/18
(average p.a.)
15.2
13.5
Actual2016
6.6
5.1
7.6
5.9
8.1
7.111.6
Actual2015
Page 21Daimler Corporate Presentation / Q1 2017 /
Daimler AG
CONTENTS
Key figures
Divisional information
Group financials
Daimler Group StrategyChina
Outlook
Appendix
Daimler AG Page 22Daimler Corporate Presentation / Q1 2017 / Page 22
Daimler AG
Clear aspiration for all our divisions
23
Daimler BusesDaimler Trucks Mercedes-Benz Vans
Daimler Financial Services
“Most successful premium
manufacturer”
Mercedes-Benz Cars
“No 1 in the global truck
business”
“Best financial and mobility
services provider”
“No 1 in the global bus business”
“Most successful player in
worldwide van business”
Page 23Daimler Corporate Presentation / Q1 2017 /
Daimler AG
The four strategic focus areas of Daimler
Page 24Daimler Corporate Presentation / Q1 2017 /
Strengthening core business
Leading in technology Pushing digitalization
Growing globally
Daimler AG
Profit targets
Return on sales-target for the automotive business : 9 percent
9 6 1710Mercedes-Benz
Cars
8 DaimlerTrucks
Mercedes-BenzVans
DaimlerBuses
Daimler Financial Services
Profit targets [Return on Sales / Return on Equity1) in %]
Page 26
1) Daimler Financial Services
Daimler Corporate Presentation / Q1 2017 /
Daimler AG Page 27Daimler Corporate Presentation / Q1 2017 /
Mercedes-Benz Cars
Daimler AG
Mercedes-Benz Cars: product highlightsThe new GLA compact SUV celebrated its world premiere
Daimler Corporate Presentation / Q1 2017 / Page 28
Daimler AG
Mercedes-Benz Cars: product highlightsThe new E-Class Coupé and Cabriolet complete the E-Class family
Daimler Corporate Presentation / Q1 2017 / Page 29
Daimler AG
Mercedes-Benz Cars: product highlightsPresentation of the Mercedes-AMG GT Concept hybrid show car
Daimler Corporate Presentation / Q1 2017 / Page 30
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 31
World premier in Paris: The first star of our product offensive under the product brand EQ
Daimler AG
EQ concept vehicle with battery-electric drive
Daimler Corporate Presentation / Q1 2017 / Page 32
Daimler AG
Mercedes-Benz Cars and Vans: continued product offensive
Daimler Corporate Presentation / Q1 2017 / Page 33
E-Class Coupé
E-Class All Terrain E-Class CabrioletS-Class facelift
AMG GT Roadster Premium PickupX-Class
smart forfourelectric drive
smart cabrioelectric drive
GLA facelift smart fortwoelectric drive
20182017
Jan. Feb. March May June July August Sept. Oct. Nov. Dec.April
Daimler AG
We are on our way to emission-free drivingExample: MBC fleet consumption in Europe
230220210200190180170160150140
2009
173
2008
183
02007
158
1995
120
20112010
130
160
CO
2-em
issi
ons
(g/k
m)
9.2 l 7.3 l 6.9 l 6.3 l6.4 l
150
6.0 l2012
123
2015
100110
140
5.6 l
230
-44%
until 2020
95
<4.0 l
EU regulation
2013
134
5.4 l
-6g129
5.2 l2014
Page 34
5.0 l
Daimler Corporate Presentation / Q1 2017 /
123
Actual2016
5.0 l
125
Target2016
Daimler AG
Our roadmap for sustainable mobility
35
Mercedes-AMG GT S: Fuel consumption urban/extra-urban/combined: 12,5-12,2/7,9-7,8/9,6-9,4 l/100 km, CO2 emissions combined: 224-219 g/km.
High-techcombustion engines
Plug-inhybrids
Electric vehicleswith battery or fuel-cell
Page 35Daimler Corporate Presentation / Q1 2017 /
Daimler AG Page 36
24% friction reduction
11% faster acceleration
13% CO₂ reduction
-80% NOx emissions
17% weight reduction
18 kW more power
The new diesel engine OM654 … … the first member of a complete new engine family
Daimler Corporate Presentation / Q1 2017 /
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 37
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 38
Daimler AG
„Mercedes me“ – Connecting all services around the car
Page 39Daimler Corporate Presentation / Q1 2017 /
Daimler AG
We want to become digital champion of the automotive industry with the help of Mercedes me and the Mercedes-Benz Store
Digital Car Key Online Service Appointment
IntegrationMobility Offers
in Mercedes me (App)
Contract- & DocumentManagement
Remote Park Pilot
Lifestyle Configurator
• Launch of the Mercedes-Benz Store for all Mercedes me connect markets
• Customer can purchase services directly online(Starting with Remote Park Pilot)
Page 40Daimler Corporate Presentation / Q1 2017 /
Daimler AG
But Mercedes me is more than just digital......it’s an innovative sales approach
Page 41
Opening of the world-wide 6th Mercedes me store in Beijing.
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Connectivity – Pushing new services and products
Page 42Daimler Corporate Presentation / Q1 2017 /
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 43
Daimler AG
Autonomous driving goes far beyond technology: A game changer in the automotive industry
Page 44Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Beltbag
PRE-SAFE®
Impulse Side
Active Blind Spot Assist
Active Lane Keeping Assist
Evasive Steering AssistMULTIBEAM LED Headlightswith Adaptive High Beam Assist
Remote Park-Pilot
Active Braking Assistwith Pedestrian Detection, Cross-Traffic Function and Congestion Emergency Braking Function
DRIVE PILOTwith Distance Pilot DISTRONIC, Steering Pilot, Active Lane Change Assist,Active Emergency Stop Assist, Speed Limit Pilot
PRE-SAFE®
Page 45
Car-to-X-Communication PRE-SAFE® PLUS
The new E-Class takes autonomous and accident-free driving to the next level
Daimler Corporate Presentation / Q1 2017 /
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 46
Development steps towards fully autonomous driving
Singe control functions such as speed selection, braking or lane keeping are automated.
Driver in charge.
Level 1Driver
Assistance
Vehicle can perform the dynamic driving task in certain modes.
Driver expected to respond to requests to take control.
Vehicle can perform the dynamic driving task in all modes that can also be managed by a human driver.
No driver needed.
Vehicle can perform the dynamic driving task in certain modes.
Driver not expected to respond to requests to take control.
Autonomous Driving
Level 2Partial
Automation
Level 3ConditionalAutomation
Level 4 High
Automation
Level 5 Full
Automation
+ enabler for new & complementary mobility services
More than one control function is automated.
Driver expected to take care of all remaining aspects of the dynamic driving task.
- Currently offered by MB & legally permissible -
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 47
Daimler AG
Today: one car for different mobility cases.Tomorrow: possibly the most suitable car „on-demand“.
The fitting solution for each use case One car for all use cases
CommutingLeisure
Vacation Shopping
Work
Leisure
Vacation Shopping
Work
Tomorrow
Commuting
Daimler Corporate Presentation / Q1 2017 /
Today
Page 48
Source: McKinsey&Company “Automotive revolution – perspective towards 2030”
Daimler AG
Croove – expansion of our car sharing business
Daimler Corporate Presentation / Q1 2017 / Page 49
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 50
Daimler AG
Introduction of 9 plug-in-hybrid vehicles
C-Class
Estate
S-Class GLE
C-Class E-Class
GLC
C-Class
LWB
GLC COUPE
2014 2015 2016 2017
Daimler Corporate Presentation / Q1 2017 / Page 51
Daimler AG
Electric Line Up extended into the Future
B 250 eSLS AMG Coupé Electric Drive
smart fortwoelectric drive
smart electric drive -fortwo and forfour
Mercedes-Benz GLC F-CELL
Battery-electric vehiclewith up to 500 km range
Intelligent EV-Architecture
Daimler Corporate Presentation / Q1 2017 / Page 52
Daimler AG
Foundation of new Mercedes-Benz electric vehicle strategy
Daimler Corporate Presentation / Q1 2017 / Page 53
Daimler AG
Modular set up of next generation drive train technologieswill allow a variety of derivatives
Page 54
Modular Battery Concept
Modular eDrive ConceptEntry Mid High
Small
Medium
Large
Front Axle Rear Axle
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Investment of 500 million euros in our second battery plant in Germany
Page 55
Extension
2nd plant start of operations: summer 2017
Production space stocked upfrom 20,000 to 60,000 m2
Production of Li-Ion batteriesfor hybrid as well as electricvehicles and energy storagesystems
Deutsche ACCUMOTIVE GmbH & Co. KG, Kamenz, Germany
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
E-Mobility thought to the endWorld's largest 2nd-use battery storage is starting up
Daimler Corporate Presentation / Q1 2017 / Page 56
Daimler AG
Leadership in Future Mobility will be determined by thecombination of the four dimensions
Mobility of theFuture
Shared Mobility
DigitalizedEco System
AutonomousDriving
E-Mobility
Daimler Corporate Presentation / Q1 2017 / Page 57
Daimler AG
Our target: remain No.1 premium car manufacturerachieved already in 2016!
Sales targetIn thousand units
Profitability targetReturn on Sales in %
on a sustainable basis2,001
2015 2016
No. 1
2020
Page 58Daimler Corporate Presentation / Q1 2017 /
2,198
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 59
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 60
Daimler AG
Mercedes-Benz Concept X-CLASS
Page 61Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Mercedes-Benz Concept X-CLASS
Page 62Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Our target: Most successful company in global Van business
321
2015 2016
>500
2020
Profitability targetReturn on Sales in %
over the cycle
Daimler Corporate Presentation / Q1 2017 / Page 63
359
Sales targetIn thousand units
Daimler AG
Daimler Trucks
Daimler Corporate Presentation / Q1 2017 / Page 64
Daimler AG
Our strategy works. We keep executing it.
Technology Leadership in efficiency, safety and connectivity
Global Market Presencein traditional andemerging markets
Intelligent Platform Managementfor tailored products anddecisive economies of scale
Daimler Corporate Presentation / Q1 2017 / Page 65
Daimler AG
Selected milestones 2017
New Heavy-Duty Truck for Japan
Daimler Trucks@North American
Commercial Vehicles Show
Indonesia:Market Introduction
MB Heavy-Duty Truck
MB Active Brake Assist 4 & Sideguard Assist
FleetBoard SpaceMapping App
Prod
uct
New coach for Japan
Truck Data Center &
Mercedes-Benz Uptime
Detroit Analytics & Remote updates
TruckonnectAsia
FleetBoard Store for Apps
Serv
ice
SoP New Cascadia
Connected Fuso eCanter
Small series Fuso eCanter
@ Tokyo Motor Show
Daimler Corporate Presentation / Q1 2017 / Page 66
Daimler AG
Efficiency: the most efficient trucks are Daimler Trucks
Europe: TCO leaderMercedes-Benz Actros
Fuel reduction up to -8%Next efficiency step by 2019
Fuel reduction up to -15%Next efficiency step by 2018
NAFTA: TCO leaderFreightliner New Cascadia
Japan: TCO leaderFuso Super Great V
Fuel reduction up to -5%Next efficiency step Q2/2017
Fuel reductions compared to previous model
Daimler Corporate Presentation / Q1 2017 / Page 67
Daimler AG
Technology leadership: the all-new Cascadia. A perfect ten in every respect.
8% less fuel
Advancedpowertrain &
improvedaerodynamics
Detroit Connect Analytics
Fuel efficiency analysis on fleet level
Efficiency Safety Connectivity
Detroit Assurance 4.0
Active Break Assist
Daimler Corporate Presentation / Q1 2017 / Page 68
Daimler AG
Efficiency: First to market with electric distribution trucks
Mercedes-Benz Urban eTruck
Range: up to 200km (212 kWh battery)
Cost: ca. –40% for electricity vs. Diesel
Market: introduction by the end of 2020
FUSO eCanter
Range: up to 100km, modular battery system (4-5)
Cost: 1,000€/10,000 km lower running costs vs. fuel
Market: introduction by the end of 2017
Daimler Corporate Presentation / Q1 2017 / Page 69
Daimler AG
Safety: new industry firsts, now available in every new Actros
Industry’s first system with pedestrians detection
Next generation radar: Warning, initiates braking
Functions independently of weather conditions
Detects moving objects (pedestrians and cyclists)
Visual and audible warning (also while manoevring)
Covers entire length of vehicle (up to 18.75 m)
Sideguard Assist
Active Brake Assist 4 (ABA 4)
Daimler Corporate Presentation / Q1 2017 / Page 70
Daimler AG
Safety: semi-autonomous trucks customer-ready by 2020
Highway Pilot
Proof of concept 2014
Serial tests in 9 European countries and USA, over 100,000km on the road
Market introduction by the end of 2020
Highway Pilot Connect:Proof of concept for Europe in 2015; checking out new opportunities in other regions
Daimler Corporate Presentation / Q1 2017 / Page 71
Daimler AG
Connectivity: boosting logistics performance
Detroit Connect Analytics
Improves fuel and safety performance by- detecting changes in fuel consumption & recommending - safety event reporting (hard braking, lane departures)
Analysis on trip, vehicle and fleet basis
Available mid 2017
“Flash Over the Air” service for engine, transmission &aftertreatment firmware
Remote access on the truck (max vehicle speed, idle shut down) from customer office
Available mid 2017
Detroit Connect Remote Updates
Daimler Corporate Presentation / Q1 2017 / Page 72
Daimler AG
Connectivity: boosting logistics performance
Mercedes-Benz Uptime FleetBoard Store
Improves uptime by analyzing real-time dataDetects potential breakdown situationsOrganizes “pit-stop” in case of emergency Optimizes regular workshop stops
„One-stop-shop“ for apps on transport & logisticsOpen to all industry partnersLaunch in Q3 2017
Daimler Corporate Presentation / Q1 2017 / Page 73
Daimler AG
Making our strong global footprint even stronger
NAFTA:all new heavy-duty truckNew Cascadia
CaptivePowertrain
New medium-duty engine Brazil:
new Atego & Actros Brazil
2015 – 2018: 240 mn. €investment
Japan: new heavy-duty truck
Europe:MB uptime & FleetBoard App Store
MB SideguardAssist & ActiveBrake Assist 4
Russia: ramp-up cabin productionwith Joint Venture partner Kamaz
India: addinganother 10 exportmarkets for Fusotrucks ex Chennai
China: setting uplocal productionof MB heavy-dutytruck by 2020 with Joint Venture Partner Foton
Indonesia: localproduction of MB heavy-duty truckstarting HY1
Entering new markets in LatAm, Africa, Asia, Australia with Regional Centers
Daimler Corporate Presentation / Q1 2017 / Page 74
Daimler AG
Platform rollout in triad completed by 2017; global rollout done by 2020
Transmissions
Electrics/Electronics
Chassis
Medium-dutyengines
Heavy-duty engines
EU LA
Cabarchitecture
China
To be rolled out by 2020
Implementationdecided
Establishedplatform
Recentlyimplemented
Daimler Corporate Presentation / Q1 2017 / Page 75
Daimler AG
Penetration rate integrated powertrain in %
Heavy-Duty Engines HDEP
Automated Manual Transmission DT12
Captive component strategy to strengthen undisputed market leadership in NAFTA
8695
Year End 2016Year End 2015
39
64
Year End 2016Year End 2015
Daimler Corporate Presentation / Q1 2017 / Page 76
Daimler AG
Global Platform Roll-out will secure pass-car-like volumes in next decade for Daimler Trucks
Today 20252020
Chassis Electrics/Electronics
Today 2020 2025 Today 2020 2025
Europe
Brazil
Russia
ChinaEurope
NAFTA
Brazil
ChinaEurope
Brazil
China JapanNAFTA
Cabin
Daimler Corporate Presentation / Q1 2017 / Page 77
Daimler AG
Sticking to our target: undisputed leader in the truck industry
Daimler Corporate Presentation / Q1 2017 / Page 78
Sales targetIn thousand units
Profitability targetReturn on Sales in %
496
2014 2015 2020
>500
over the cycle
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 79
Daimler AG
28
2015 2016
~45
2020
Profitability targetReturn on Sales in %
over the cycle
Daimler Corporate Presentation / Q1 2017 / Page 80
26
Sales targetIn thousand units
Our target: Undisputed leader in the bus industry
Daimler AG Page 81
Daimler Financial Services
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Mobility Customer
“Somebody needs to offer the individual mobility service
to customers”
Service Platform
“Somebody needs to turn various mobility
options into one-stop-shopping solutions”
“Customers will expect mobility options to be seamlessly integrated into their digital life
sphere“
MetaPlatform
“Somebody needsto take care ofthe vehicles”
Fleet Operator
“Somebody needsto pay for and
own the vehicle”
Asset Provider
“Somebody needs to develop, produce and
sell the vehicle”
VehicleManufacturer
Consuming „mobility-as-a-service/
robo car services“
AggregatorPlatform
We are preparing for themobility value chain of tomorrow
Daimler Corporate Presentation / Q1 2017 / Page 82
Daimler AG
We offer a broad variety of financial and mobility services –serving approximately 20 million customers as of March 31, 2017
car2go customers
vehicles in fleet management
moovel customers
banking customers
financed orleased vehicles
insurance policies mytaxi customers
Daimler Corporate Presentation / Q1 2017 / Page 83
Daimler AG
We are among the world’s leading captive finance providers
Daimler Corporate Presentation / Q1 2017 / Page 84
Buses
Vans
Trucks
Passenger Cars
Wholesale
Lease
Loan
Others
Portfolio
Acquisitions
133 bn €
62 bn €
Financing & leasing portfolio 4,3 mn units
76%
12%
11%
1%
Passenger carsTrucksVansBuses
Drive vehiclesales
Foster customerloyalty
Contribute to thegroup’s EBIT
STRATEGIC BENEFITS
Full Year 2016
Daimler AG
WE FINANCE NEARLY EVERY SECOND VEHICLE
SOLD BY DAIMLER
Daimler Corporate Presentation / Q1 2017 / Page 85
52%
28%
Penetration rates per vehicle segment
40%36%
Global penetration rate DFS in 2016
48%
Daimler AG
Managing a portfolio of 135 billion € in 40 countries[Portfolio by region in % as of March 31, 2017]
40%40%
13%
7% China
Africa &Asia Pacific
EuropeAmericas
Page 86Daimler Corporate Presentation / Q1 2017 /
Daimler AG
We mitigate risk and volatility through a balanced mixof funding instruments and clear principles
2016
Capital Markets
Maintain well controllable liquidity reserve
Bank Loans
ABS
Deposit
Strengthen our global footprint and use market opportunities
Deepen our excellentbank relationships
Globally expand our highly competitive ABS issuances
STRINGENT FUNDINGPOLICY WORLDWIDE
Liquidity matched funding Interest rate matched funding Currency matched funding Country matched funding
Bank loans
Deposits
ABS Cap Market
Deposits
Bank loans
ABS
RATING INDEPENDENT
2020 Cap Market
Page 87Daimler Corporate Presentation / Q1 2017 /
Daimler AG
We will create a holistic and customer-centric ecosystem for connected mobility solutions
Daimler Corporate Presentation / Q1 2017 / Page 88
Daimler AG
is the world‘s market leader in flexible car sharing
1.6
2.2
2015 2016
Number of customers[in mn]
+43%
Find Find a car2go next to you – with or without reservation. Whenever you need it.
Drive Simply open your car2go with your smartphoneand start driving – as long as you want.
Park After having arrived, park your car2go on any parking lot within the business area. That‘s it!
P
Daimler Corporate Presentation / Q1 2017 / Page 89
Daimler AG
has become Europe’s largest taxi-hailing provider
2.0
6.2
2015 2016
Number of customers[in mn]
+210%
Step 1 Order your cab viayour smartphone
Step 3 Get real-time informationabout estimated arrival
Step 2 Directly get in touch with your driver
Step 4 Pay your ride with just one swipe
Daimler Corporate Presentation / Q1 2017 / Page 90
Daimler AG
Available in:
Web App
puts car financing in the palm of your hand
Integrated partners [as of February 2016]
all makes,models, and trims
Apply for Financing
license scan;LinkedIn integration
Find a Dealer
all brands and dealers nationwide
Select Your Offer
instant credit decision
Choose Your Car
Daimler Corporate Presentation / Q1 2017 / Page 91
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 92
Our target: first-choice provider of financial and mobility servicesPortfolio targetIn EUR bn
116,7
2015 2016 2020
Profitability targetReturn on Equity in %
Annual growth≥ 5.5%
132,6
Daimler AG
CONTENTS
Key figures
Divisional information
Group financials
Daimler Group Strategy
ChinaOutlook
Appendix
Daimler AG Page 93Daimler Corporate Presentation / Q1 2017 / Page 93
Daimler AG
Daimler in China
Beijing
Fuzhou
Shenzhen
Trucks & BusesProduction & Distribution
Mercedes-Benz Vans Production & Distribution
NEV Development Production & Distribution
Mercedes-Benz Cars
Distribution
Auto Finance
R&D
Production
Daimler Corporate Presentation / Q1 2017 / Page 94
Daimler AG
The 6 key initiatives start to pay off
Extension Product PortfolioExpansion Dealer Network
Extension Local Production Leverage Financial ServicesExtension Local R&D
Integrated Sales Organization
Daimler Corporate Presentation / Q1 2017 / Page 95
Daimler AG
Mercedes-Benz Cars in China: huge sales growth with higher share of locally produced vehicles- in thousands of units -
208239
293
400
488
locally produced
imported
2016201420132012 2015
108
100
123
116
147
146
150
250
171
317
Daimler Corporate Presentation / Q1 2017 /Page 96
155
Q1 2017
45
110
Daimler AG
+ …
Made in China for China: we’re producing four car models and three engine models at BBAC
GLC (X253)
E-Class (V/W 213)
C-Class (V/W 205)
GLA (X156)
M270
M274
M276
Rearwheeldrive
Engine
Frontwheel drive
Daimler Corporate Presentation / Q1 2017 / Page 97
Daimler AG
The superlative new E-Class Long Wheelbase: the most intelligent executive sedan in the market
Page 98Daimler Corporate Presentation / Q1 2017 /
Daimler AG
The locally produced V-Class and Vito: tailored to Chinese customer requirements
All new V-ClassLaunched in March 16
All new VitoLaunched in September 16
Daimler Corporate Presentation / Q1 2017 / Page 99
Daimler AG
Mercedes-Benz Network Development in China
Number of Outlets
502
447
341
262
207166
+55
+55
+106
+79
+41
2016
>500
201520142013201220112010
Daimler Corporate Presentation / Q1 2017 / Page 100
Daimler AG Page 101Daimler Corporate Presentation / Q1 2017 /
31,000 47,00070,000
99,000
139,000
230,000
360,000
11% 14% 15% 16% 25% 32% 37%
2010 201620152014201320122011
Automotive financing is taking off –but minimal risk due to high down payment ratesPortfolio [in units]Penetration rate [in %]
Daimler AG
CONTENTS
Key figures
Divisional information
Group financials
Daimler Group Strategy
China
OutlookAppendix
Daimler AG Page 102Daimler Corporate Presentation / Q1 2017 / Page 102
Daimler AG
Assumptions for automotive markets in 2017
* including light-duty trucks
Daimler Corporate Presentation / Q1 2017 / Page 103
Car markets
Global
Europe
Medium- and heavy-duty truck
markets
NAFTA region
EU30
Japan*
Brazil
EU30
Bus marketsEU30
Brazil
+1 to 2%
around -5%, with Class 8 weaker than Class 6-8
USA
Van markets
Indonesia*
China slight growth
USA
around the prior-year level
around the prior-year level
around the prior-year level
slight decrease
slight increase
slight growth
around the prior-year level
slight growth
significant growth from low level
slight growth
Daimler AG
2017 sales outlook
Daimler Corporate Presentation / Q1 2017 / Page 104
Significantly higher unit salesFurther growth particularly in China and EuropeStrong momentum especially from new E-Class models and SUV portfolio
Unit sales around the prior-year levelUnit sales around the prior-year level in Europe, North America and JapanSales in Brazil around the low level of prior year; sales increase in India
Significantly higher unit sales Significant growth in core market EU30Continued momentum from “Mercedes-Benz Vans goes global” strategy
Significantly higher unit salesMaintain market leadership in core marketsModerate growth in EU30 region, significant sales increase in Brazil
Mercedes-Benz Cars
Daimler Trucks
Mercedes-Benz Vans
Daimler Buses
Daimler AG
2017 outlook for EBIT
Daimler Corporate Presentation / Q1 2017 / Page 105
Significantly above the prior-year level
Slightly below the prior-year level
Slightly above the prior-year level
Slightly below the prior-year level
Slightly above the prior-year level
We expect Group EBIT for FY 2017 to increase significantlybased on the following expectations for divisional EBIT:
Mercedes-Benz Cars
Daimler Trucks
Mercedes-Benz Vans
Daimler Buses
Daimler Financial Services
Daimler AG
CONTENTS
Key figures
Divisional information
Group financials
Daimler Group Strategy
China
Outlook
Appendix
Daimler AG Daimler Corporate Presentation / Q1 2017 / Page 106
Daimler AG
Strong financial and balance sheet figures support our financial strength and A-rating
Daimler Corporate Presentation / Q1 2017 / Page 107
Daimler Group Dec. 31, 2016 March 31, 2017
Equity ratio 22.9% 23.6%
Gross liquidity 21.7 21.6
Funded status of pension obligations -7.8 -7.7
Industrial business
Equity ratio 44.7% 45.3%
Net liquidity 19.7 21.1
Free cash flow (January-March) 0.3 1.9
in billions of euros
Daimler AG
Double-digit growth in units sales of passenger cars, vans and buses
Daimler Corporate Presentation / Q1 2017 / Page 108
Q1 2016 Q1 2017 % change
Daimler Group 683.9 754.3 +10
of which
Mercedes-Benz Cars 496.8 568.1 +14
Daimler Trucks 105.7 94.0 -11
Mercedes-Benz Vans 76.6 86.8 +13
Daimler Buses 4.8 5.4 +12
in thousands of units
Daimler AG
Revenue by division
Daimler Corporate Presentation / Q1 2017 / Page 109
* figures as of December 31, 2015 and December 31, 2016
Q1 2016 Q1 2017 % change
Daimler Group 35.0 38.8 +11
of which
Mercedes-Benz Cars 20.0 22.7 +14
Daimler Trucks 8.2 7.9 -3
Mercedes-Benz Vans 2.8 3.0 +6
Daimler Buses 0.8 0.9 +8
Daimler Financial Services 4.9 5.9 +22
Contract volume of Daimler Financial Services* 132.6 135.0 +2
in billions of euros
Daimler AG
Revenue by region
Daimler Corporate Presentation / Q1 2017 / Page 110
* excluding revenue of not fully consolidated companies
Q1 2016 Q1 2017 % change
Daimler Group 35.0 38.8 +11
of which
Europe 14.2 16.2 +14
of which Germany 5.3 5.7 +9
NAFTA 10.6 11.1 +4
of which United States 9.4 9.7 +3
Asia 8.2 9.1 +10
of which China* 3.7 4.2 +15
Other markets 2.0 2.4 +19
in billions of euros
Daimler AG
Group EBIT in Q1 2017
Daimler Corporate Presentation / Q1 2017 / Page 111
- in millions of euros -
-431
4,008
-11
2,148
+539
+449
• Cars +668• Trucks -255• Vans +25• Buses +11
• Cars +417• Trucks +55• Vans +57• Buses +10
• Cars -458• Trucks +83• Vans -61• Buses +5
+532
ActualQ1 2016
Volume/Structure/Net pricing
Foreignexchange
rates
Other costchanges
Discloseditems
Q1 2017
ActualQ1 2017
ReconciliationFinancial Services
+92• Cars:
RemeasurementTHERE Holding +183
• Trucks:Sale of real estate in Japan +267
• Reconciliation:Impairment reversal BAIC Motor +240
+690
Discloseditems
Q1 2016
of which:• Reconciliation:
Impairment BAIC Motor +244Currency transactions +222
Daimler AG
EBIT by division
Daimler Corporate Presentation / Q1 2017 / Page 112
* Return on sales; Daimler Group excluding Daimler Financial Services
Q1 2016 Q1 2017- EBIT in millions of euros; RoS in % - EBIT RoS* EBIT RoS*
Daimler Group 2,148 5.7 4,008 10.6
of which
Mercedes-Benz Cars 1,395 7.0 2,234 9.8
Daimler Trucks 516 6.3 668 8.4
Mercedes-Benz Vans 301 10.7 357 11.9
Daimler Buses 39 4.7 65 7.2
Daimler Financial Services 432 – 524 –
Reconciliation -535 – 160 –
Daimler AG
Development of dividend per share
Daimler Corporate Presentation / Q1 2017 / Page 113
2.202.45
2.25
- in euros -
+ 48%
3.25
2012 2013 20162014 2015
3.25
Daimler AG
Capital expenditure / Research and development
Daimler Corporate Presentation / Q1 2017 / Page 114
- in billions of euros -
Actual2015
Actual2016
5.1
Plan2017/2018
(average p.a.)
5.9
7.1
Actual2015
Actual2016
6.67.6
8.1
Plan2017/2018
(average p.a.)
Investment in property, plant and equipment
Research and development expenditure
Daimler AG
Capital expenditure / Research and development
Daimler Corporate Presentation / Q1 2017 / Page 115
Investment in property, plant and equipment
Research and development expenditure
Actual2015
Actual2016
Plan*2017-2018
Actual2015
Actual2016
Plan*2017-2018
Daimler Group 5.1 5.9 7.1 6.6 7.6 8.1
of which
Mercedes-Benz Cars 3.6 4.1 5.2 4.7 5.7 6.1
Daimler Trucks 1.1 1.2 1.2 1.3 1.3 1.3
Mercedes-Benz Vans 0.2 0.4 0.6 0.4 0.4 0.5
Daimler Buses 0.1 0.1 0.1 0.2 0.2 0.2
Daimler Financial Services 0.03 0.04 0.03 – – –
in billions of euros* average p.a.
Daimler AG
Daimler Trucks: incoming orders increase significantly driven by NAFTA region, Indonesia and Middle East
Daimler Corporate Presentation / Q1 2017 / Page 116
- in thousands of units -
* European Union, Switzerland and Norway
Q1 2016
99
124
Q1 2017
21
46
5
40
21
29
6
33
Rest of world
Latin America
NAFTA region
EU30*
Asia10
12
Daimler AG
Mercedes-Benz Vans: sales increase by 13% due to market success of attractive product portfolio
Daimler Corporate Presentation / Q1 2017 / Page 117
- in thousands of units -
Q1 2016
76.6
86.8
Q1 2017
5.4
13.2
23.2
45.0
5.09.3
21.3
41.0
Vito
V-Class
Citan
Sprinter
Daimler AG
Daimler Buses: sales increase by 12% mainly due to higher demand in emerging markets
Daimler Corporate Presentation / Q1 2017 / Page 118
- in thousands of units -
Q1 2016
4.8
5.4
Q1 2017
1.4
0.7
1.4
1.0
1.6
0.5
1.5
0.7
Rest of world
Brazil
Mexico
EU30*
Latin America(excl. Brazil and Mexico)
0.50.9
* European Union, Switzerland and Norway
Daimler AG
Daimler Financial Services: further increase in contract volume to 135.0 billion euros (+2%)
Daimler Corporate Presentation / Q1 2017 / Page 119
- in billions of euros -
12/31/2016
132.6 135.0
3/31/2017
22.3
32.2
53.7
26.8
21.8
31.6
54.2
24.9
Americas
Europe (excl. Germany)
Germany
Africa & Asia-Pacific
Daimler AG
Daimler Financial Services: net credit losses* at low level due to disciplined risk approach
Daimler Corporate Presentation / Q1 2017 / Page 120
* as a percentage of portfolio, subject to credit risk
0,69% 0,68%
0,50%0,61%
0,36%
0,51%
0,89%0,83%
0,43%0,34% 0,37%
0,31%0,24%
0,31%0.25%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2017YTD
2015 2016
Daimler AG
Capital expenditure Mercedes-Benz Cars
Page 121
3.3
1,6982,457
2009
1,618
4.6
2010
2,724
3.9
4.74.7
2,246
2006 2007
1,910
3.6
2008
5.7
2011
3,710 3,621
5.8
2013
3,495
2012
4.9
20162015
4.6
2014
4,147
4.3
3,629
CapEx ratio for pp&e** in % CapEx for pp&e* in millions of euros
* Capital expenditure for property, plant and equipment (pp&e) MBC ** Capital expenditure for property, plant and equipment (pp&e) MBC in % of revenues MBC.
Target CapEx ratio for pp&e: around 5%
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Research and development expenditure Mercedes-Benz Cars
Page 122
3,733
2016
6.4
2015
5.6
2014
3,863
5.5
2013
3,809
5.9
2012
4,025
6.3
2011
4,711
6.5
2010
5,671
5.9
2009
6.5
2008
2,274
6.3
2007
5.2
2006
4.4
3,1302,6962,9942,733
R&D expediture* in millions of eurosR&D ratio** in %
* Expensed R&D costs and capitalized development costs MBC. ** Expensed R&D costs and capitalized development costs MBC in % of revenues MBC.
Target R&D ratio: around 6–7%
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Mercedes-Benz Cars retail sales by model Q1 2017
* incl. Derivatives** incl. GLA
Retail sales Q1 2017 Q1 2016 Change in %
Mercedes-Benz 560,625 483,487 +16.0
of which*: A-/B-Class 105,068 107,927 -2.6
C-Class 130,484 108,283 +20.5
E-Class 97,884 66,196 +47.9
S-Class 19,594 22,559 -13.1
SUVs** 188,138 162,237 +16.0
Sports Cars 6,890 6,884 +0.1
V-Class 12,567 9,401 +33.7
smart 34,156 35,453 -3.7
Mercedes-Benz Cars 594,781 518,940 +14.6
Page 123
- in units -
Daimler Corporate Presentation / Q1 2017 /
Daimler AG
Mercedes-Benz Cars retail sales by model FY 2016
* incl. Derivatives** incl. GLA
Retail sales FY 2016 FY 2015 Change in %
Mercedes-Benz 2,083,888 1,871,599 +11.3
of which*: A-/B-Class 438,575 414,365 +5.8
C-Class 480,537 460,497 +4.4
E-Class 296,324 301,566 -1.7
S-Class 88,520 107,335 -17.5
SUVs** 706,170 525,894 +34.3
Sports Cars 27,067 30,441 -11.1
V-Class 46,695 31,501 +48.2
smart 144,479 119,382 +21.0
Mercedes-Benz Cars 2,228,367 1,990,981 +11.9
Page 124
- in units -
Daimler Corporate Presentation / Q1 2017 /
Daimler AG Page 125
- in units -
*Incl. Hong Kong **BRIKT: Brazil, Russia, India, South Korea and Turkey
Daimler Corporate Presentation / Q1 2017 /
Mercedes-Benz Cars retail sales in major markets Q1 2017
Retail sales Q1 2017 Q1 2016 Change in %China* 151,878 110,870 +37.0
of which locally produced vehicles 102,944 71,723 +43.5
USA 80,155 77,045 +4.0Germany 77,837 72,806 6.9UK 57,217 49,837 14.8BRIKT** 37,026 35,211 5.2Italy 24,328 24,131 0.8Japan 18,810 18,950 -0.7France 14,401 14,127 1.9South Korea 18,907 13,944 35.6Spain 14,586 12,837 13.6Russia 8,291 9,823 -15.6Canada 10,852 9,687 12.0Turkey 3,914 5,288 -26.0Rest of World 107,691 93,439 15.3Mercedes-Benz Cars 594,781 518,940 14.6
Daimler AG
Mercedes-Benz Cars retail sales in major markets FY 2016
Page 126
- in units -
*Incl. Hong Kong **BRIKT: Brazil, Russia, India, South Korea and Turkey
Daimler Corporate Presentation / Q1 2017 /
Retail sales FY 2016 FY 2015 Change in %China* 493,929 386,635 +27.8
of which locally produced vehicles 321,716 240,140 +34.0
USA 346,451 350,526 -1.2Germany 330,846 309,989 +6.7UK 180,434 152,929 +18.0BRIKT** 152,199 149,357 +1.9Italy 89,511 76,064 +17.7France 73,150 62,971 +16.2Japan 71,741 65,983 +8.7South Korea 57,060 45,638 +25.0Spain 53,908 45,132 +19.4Canada 42,401 39,696 +6.8Russia 37,577 42,179 -10.9Turkey 32,886 30,433 +8.1Rest of World 393,797 351,699 +12.0Mercedes-Benz Cars 2,228,367 1,990,981 +11.9
Daimler AG
Daimler follows a conservative Financial Policy
Clear commitment to a single A rating
Dividend policy on a sustainable basis (40% target pay-out ratio)
No share buybacks planned, further pension contributions will be evaluated
Balanced approach between shareholder interest and credit providers
Daimler Corporate Presentation / Q1 2017 / Page 127
Daimler AG
Bond Maturities- in billions of euros -
Daimler Corporate Presentation / Q1 2017 / Page 128
Total Q1 2017
0-1 Y 1-2 Y 2-3 Y 3-4 Y 4-5 Y 5-6 Y >6 Y
Bonds long term 64,5 -13,6 -11,3 -14,5 -7,1 -6,7 -1,4 -9,9
Total Q1 2017
Q2 2017 Q3 2017 Q4 2017 Q1 2018Next 12 months
Bonds short term 64,5 -3,0 -3,4 -2,3 -4,9 -13,6
Bonds total outstanding as of Q1 2017: 64,5
Daimler AG
Bonds and ABS Development 2014 - 2016
Note: Figures may not be additive due to fx effects and rounding.
Bond development
ABS development
Maturities
New deals10,2
10,263,0
20,9
50,8
16,9
42,9
2015 Actual2014 Actual 2016 Actual
6,4
5,8
10,67,9
7,46,26,0
2015 Actual 2016 Actual2014 Actual
- in billions of euros -
Daimler Corporate Presentation / Q1 2017 / Page 129
Daimler AG
Financial Flexibility is Key Liquidity Management Tool
~ 100%
General approach:
Maturities of next 12 months need to be covered by financial flexibility*
* Financial flexibility= Cash + Committed Credit Facilities + Receivables available for sale (RAFS)
available Liquidity
Maturity
Bonds
Acc. Dep.
Bank Loans
CPOther
Liqui FS
Liqui IB
Credit Facility
ABS Potential
Ensures repayment of maturing debt in case of stress scenarios
Daimler Corporate Presentation / Q1 2017 / Page 130
Daimler AG
Our funding strategy is built on prudent principles
Targeting Financial Independence
No dependence from single markets, instruments, banks or investors
Diversification of funding sources and instruments: Bank Loans, Bonds, ABS, CP, Deposits
No Covenants, no MAC, no asset pledges, no CSAs
Maximizing FinancialFlexibility Early capital market funding to save credit capacity in growth regions
New markets funded via global and local banks first
Stringent GlobalFunding Policy
Liquidity matched funding
Interest rate matched funding
Currency matched funding
Country matched funding
Keeping prudent amount of Cash and Committed Credit Facility
Daimler Corporate Presentation / Q1 2017 / Page 131
Daimler AG
Disclaimer
Daimler Corporate Presentation / Q1 2017 / Page 132
This document contains forward-looking statements that reflect our current views about future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” ”can,” “could,” “plan,” “project,” “should” and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading “Risk and Opportunity Report” in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.