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Mercedes-Benz in Record August Performance, Selling 155,918 Vehicles

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File photo of an employee of German car manufacturer Mercedes Benz working on the interior of a GLA model at their production line at the factory in Rastatt
  • Mercedes-Benz in Record August Performance, Selling 155,918 Vehicles

Mercedes-Benz said it delivered 1,512,268 vehicles to customers worldwide in the first eight months of this year, thus setting a new record of 1.1 per cent.

Nigeria, where Mercedes-Benz has been one of the top premium brands, expectedly contributed significantly to the global performance, although details were not given in the new report.

The luxury automaker specifically said it sold 155,918 vehicles worldwide in August, making it the 30th consecutive month it would record global sales of more than 150,000 units. It attributed the performance to the ongoing strong demand for cars with the three-pointed star.

“Never before in the company’s history were sales of 1.5 million vehicles achieved earlier in the year,” the automaker said in a statement released on Monday.

Britta Seeger, member of the Board of Management of Daimler AG responsible for Mercedes-Benz cars marketing and sales, was quoted as saying, “I’m delighted that Mercedes-Benz reached the mark of 1.5 million cars delivered earlier than ever in the year. As a strong team, we will continue to work on meeting the ongoing high demand for our vehicles, also again in terms of delivery.

“And with the EQC, we have presented the first fully-electric Sport Utility Vehicle of our EQ product and technology brand to the world public in Stockholm. We will set additional markers and impulses in the market with the EQC.”

According to the premium brand manufacturer, a new record was set by its SUVs in the first eight months of this year, delivering a total of 541,120 SUVs which it noted as recording an increase of 5.4 per cent.

“An important driver of this growth was the global popularity of the GLC and GLC Coupés. The sales success of the midsize SUVs from Mercedes-Benz will be continued with the EQC, which had its world premiere in Stockholm as the first fully electric SUV from the EQ product and technology brand,” it stated.

It said in Europe, Mercedes-Benz sold 54,989 vehicles in August, adding that in the first eight months of the year, its sales totalled 597,347 units.

“In Germany, the domestic market, Mercedes-Benz delivered 21,442 vehicles with the three-pointed star in August and a total of 195,163 cars were handed over to customers in Germany in the first eight months of this year,” it stated.

It also said more Mercedes-Benz cars were sold in the first eight months than ever before in that period in France, Spain, Sweden, Poland and Denmark.

It added that in the Asia-Pacific region, demand for Mercedes-Benz models in the first eight months of the year led to a new record of 639,184 units sold. It recalled that the brand delivered 72,342 vehicles in that region last month, said to be slightly below the prior-year level

It said in China, considered the biggest market, a new high for an August was achieved with sales of 53,295 cars, adding, “So far this year, 446,075 vehicles have been handed over to customers – more than ever before in the first eight months of a year.

“Mercedes-Benz achieved additional sales records for the first eight months also in Japan, India, Thailand and Malaysia.”

A total of 24,538 vehicles were delivered to customers in a section of the North America called NAFTA last month, the report said; just as it showed a total of 240,671 Mercedes-Benz cars were sold in the period of January to August in the region.

Mercedes-Benz delivered 199,215 vehicles in the USA in that period and 20,339 in August. The brand with the star defended its market leadership in the US premium segment in the first eight months. Thanks to strong growth in Mexico, Mercedes-Benz once again achieved record unit sales in that market for an August and for the first eight months,” it stated.

Two models, the E-Class Saloon and Estate, were said to have set a new record with sales of 25,367 units last month.

It said, “Since the market launch of the current models, more than 700,000 customers worldwide have been delighted to receive their new E-Class Saloon or Estate.

“Mercedes-Benz increased its sales of the S-Class Saloon in August by 30.3 per cent to 5,254 units. From January to August, more than 53,000 units of the S-Class Saloon were sold. Thanks to a double-digit growth rate worldwide, the Mercedes-Maybach S-Class Saloon achieved its highest unit sales so far in the first eight months of a year.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Middle East Conflict, US Election Push Oil Prices Further

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Crude oil - Investors King

The ongoing conflict in the Middle East and the election in the United States bolstered crude oil prices on Friday.

Brent crude settled up $1.67, or 2.25 percent to trade at $76.05 a barrel while the US West Texas Intermediate (WTI) crude settled up $1.59, or 2.27 percent to $71.78.

In the week ended Friday, Brent crude oil gained 4 percent while WTI appreciated by 3.7 percent higher.

Market analysts note that the tensions on the geopolitical front especially in the Middle East with Israel against Hamas and Hezbollah, backed by Iran, have supported largely decided prices in the last month.

According to the US Secretary of State, Mr Antony Blinken said there was a sense of urgency in getting to a diplomatic resolution to end the conflict in Lebanon between Israel and Hezbollah, while calling for the protection of civilians.

Officials from the US and Israel are set to restart talks for a ceasefire and the release of hostages in Gaza in the coming days.

Investors continue to await Israel’s response to an Iranian missile attack on October 1 especially after it said it would not strike the country’s nuclear or oil targets and instead opt for military targets. If it had attacked the oil targets, it would have triggered some increase in oil prices.

Now, investors globally are piling into the Dollar and betting on rising volatility ahead of these next crucial two weeks leading up to the November 5 election in the US between Donald Trump and Kamala Harris.

Also, the market is watching an election in Japan and looking forward to plans by three major central banks on interest rates and the UK government presenting its new budget.

Traders are also seeking more clarity on China’s stimulus policies, though analysts do not expect such measures to provide a major boost to oil demand.

Goldman Sachs on Thursday left its oil price forecasts unchanged at between $70 and $85 a barrel for Brent in 2025, expecting the impact from any Chinese stimulus to be modest relative to bigger drivers such as Middle East oil supply.

Bank of America is forecasting Brent crude to average $75 a barrel in 2025 without any rolling back of production cuts by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ into next year, it said in a note on Friday.

 

 

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Crude Oil

Middle East Ceasefire Talks Weaken Oil Prices

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Crude Oil

Oil prices eased on Thursday on reports the US and Israel will try to restart talks on a possible ceasefire in Gaza.

Brent oil settled 58 cents, or 0.8 percent lower at $74.38 a barrel while the US West Texas Intermediate (WTI) crude slipped 58 cents, or 0.8 percent to end at $70.19.

The oil market has been gripped by concerns about the ongoing conflict in the Middle East and the possibility that it could result in oil supply disruptions.

Negotiators will gather in Doha, the capital of Qatar, in the coming days to try to restart talks toward a deal for a ceasefire and the release of hostages in Gaza.

Iran fired close to 200 missiles at Israel on October 1 and this led the international crude benchmark, Brent crude to surge about 8 percent during the week ended October 4 on worries Israel would attack Iran’s oil infrastructure.

It fell about 8 percent in the week ended October 18 on reports Israel would not hit energy infrastructure, easing fears of supply disruptions.

Iran, a member of the Organisation of the Petroleum Exporting Countries (OPEC), produces about 4 million barrels per day and backs several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen. An attack by Israel will send prices up.

Analysts believe that other Middle Eastern producers Saudi Arabia and the United Arab Emirates (UAE), have enough spare capacity to offset potential losses of supply from Iran.

However, in case the conflict escalates to Iranian proxies targeting oil infrastructure in Iran’s Middle Eastern neighbours, or if Iran moves to block or restrict oil cargo traffic in the Strait of Hormuz, oil prices could spike to triple digits and record highs.

In a related development, Saudi Arabia’s oil export revenues fell to the lowest level in more than three years in August caused by underwhelming oil demand and continued supply constraints from the world’s top crude exporter.

Traders also weighed uncertainty ahead of the US presidential election on November 5 between former president Donald Trump and current Vice President Kamala Harris.

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Energy

Tinubu’s Government to Convert Fuel Stations to CNG Outlets for Cheaper, Cleaner Energy

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The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has revealed President Bola Tinubu’s plans to convert fuel stations into Compressed Natural Gas (CNG) outlets to provide Nigerians with an affordable alternative to petrol.

In a statement on Wednesday, while addressing State House correspondents after the Federal Executive Council (FEC) meeting, Ekpo confirmed that the President intends to expand the use of CNG across the country.

The minister emphasized that CNG is here to stay and urged Nigerians to embrace the initiative, adding that it is safe, cheaper, and environmentally friendly.

He said, “We are well aware that the President set up a Presidential Committee on the CNG to drive the CNG project. It is left for us to inform the general public that CNG has come to stay, and we have to follow that route because CNG is safe, cheaper, and protects the environment.

“It is important to note that when you are using CNG, you save a lot of money, a litre of fuel can go for N1000, but you get CNG at N200 per litre, which saves you N800.

“With the passion of Mr President, the push that he has given to us, we’ll try to drive the CNG programme to reach the nooks and crannies of this country.

“We have to take advantage of the natural resources, gas, that God has endowed us with.

“What we produce in our country is more than enough for us to use for CNG; and of course, you know, we are exporting to so many other countries.”

This development follows a recent CNG vehicle explosion at the NIPCO CNG station on Eyean, Auchi Road, Edo State, which resulted in multiple injuries and damage to vehicles in the vicinity.

Fortunately, no deaths were recorded.

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