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OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Daimler : Cuts Spare Part Prices in China

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08/04/2014 | 03:56am CEST

SHANGHAI--German luxury car maker Daimler AG will cut prices of spare parts for its Mercedes-Benz cars in China, according to a statement issued Sunday.

Daimler's move comes just over a week after rival Audi AG announced price cuts for spare parts of up to 38% in China and Tata Motors Co.'s Jaguar Land Rover PLC said it would reduce prices for three models in its portfolio in response to an investigation by the pricing and antimonopoly division of the National Development and Reform Commission, China's top economic-planning agency.

The new prices will take effect from Sept. 1 and will cover more than 10,000 parts. Reductions will average 15%, the statement said. The price of some items, such as windscreens, will be cut by as much as 29%.

China has strengthened its regulation of pricing in recent years under an antitrust law that was enacted in 2008. It has taken aim at a variety of foreign brands ranging from pharmaceutical producers to the baby-formula milk-powder industry, sometimes leading to considerable fines.

Foreign luxury car makers have been accused by China's state media of earning exorbitant profits in China by dominating the market, overcharging consumers and controlling the sale of auto parts.

Write to Colum Murphy at [email protected]

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Financials (€)
Sales 2018 170 B
EBIT 2018 14 311 M
Net income 2018 9 900 M
Finance 2018 14 586 M
Yield 2018 6,31%
P/E ratio 2018 6,23
P/E ratio 2019 6,01
EV / Sales 2018 0,28x
EV / Sales 2019 0,23x
Capitalization 61 687 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 75,6 €
Spread / Average Target 31%
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Managers
NameTitle
Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Bodo K. Uebber Head-Finance & Controlling
Frank Lindenberg Head-Finance & Controlling
Clemens A. H. Boersig Member-Supervisory Board
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