- According to Ernst & Young (EY), in Q3 2023, revenues of 16 largest car companies rose by 11% y/y to 504 billion euros, earnings before interest and taxes (EBIT) grew by 35% y/y to 39 billion euros, mainly due to currency effects in Japan while EBIT margin grew to 8.6% from 7.2%.
- Mercedez Benz led with a EBIT margin of 13% while Volkswagen tailed with a EBIT margin of 6.2%.
- Ernst & Young (EY) said things are likely to become more difficult in 2024 due to weakening demand for new cars that were associated with huge development costs.
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