Daimler Truck, the parent company of Daimler India Commercial Vehicles (DICV), reported strong performance in battery-electric vehicle (EV) sales in 2024 despite a decline in overall sales and revenue.
The company recorded a 17% increase in EV sales compared to the previous year.
Daimler Truck sold 4,60,409 commercial vehicles globally in 2024, down 12% from 526,053 units in 2023.
Revenue dropped 3% to €54.1 billion from €55.9 billion in 2023, while adjusted EBIT fell 15% to €4,667 million from €5,489 million.
However, the company’s free cash flow from its industrial business increased 12% to €3,152 million from €2,811 million in 2023.
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The Trucks Asia segment recorded a sharp decline of 22% in 2024, with sales dropping to 125,234 units from 161,171 units in 2023.
Revenue in this segment also fell 13% to €6,111 million from €7,060 million.
Weak demand in India, Indonesia, and other Asian markets and slower growth in the EU30 region contributed to the decline.
Despite the overall downturn, Daimler Truck’s order intake rose 15% in Q4 2024, driven by improved performance in Mercedes-Benz Trucks and Trucks Asia.
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