Germany’s auto manufacturers have been reporting healthy profits, but as the investor-pleasing numbers rolled in, prospects for 2023 looked cloudy at best for VW, Mercedes and BMW.
“We expect Mercedes to stay true to its premiumization strategy when things go south, which will ultimately protect margins. 2023 will not be as good as 2022. A number of headwinds are looming on the horizon next year, both on the revenue and on the cost side. We believe that some will fare better than others; Mercedes is one of them.
Investment bank UBS agrees that the premium segment will resist weak economies better than the mainstream, and that BMW will underperform Mercedes in what it calls an increasingly well-supplied market. “The list of issues for Volkswagen remain long and its equity story is bleak compared with other European ,” Bernstein Research said.“Does anybody need this stock? Volkswagen is a complicated company, has significant risk exposure and lacks a compelling equity story. Other EU offer a clearer equity profile to buy into – the role Volkswagen could play in a portfolio remains unclear,” Bernstein Research said.
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