😇 Dein Abo hilft uns: https://tublo.eu/abonnieren ✅ Source: Mercedes-Benz ➡️ Mehr in unserem Automagazin: www.tuningblog.eu
Mercedes-Benz startet durch! Mit der größten Produktoffensive seiner Geschichte bringt der Automobilhersteller bis 2027 dutzende neue oder überarbeitete Modelle auf den Markt. Dabei stehen intelligente Modularisierung, High-Tech-Antriebe und das neue Betriebssystem MB.OS im Fokus. Der CLA geht als erstes softwaredefiniertes Fahrzeug an den Start – wahlweise mit elektrischem Antrieb oder einem hochmodernen Hybridmotor. Auch die legendäre G-Klasse erhält Zuwachs mit einer neuen, kompakteren Version.
Das Unternehmen setzt auf eine innovative Designsprache und modernste Technologie, um die Zukunft der Mobilität zu gestalten. Performance-Modelle von Mercedes-AMG, hocheffiziente Verbrenner und vollelektrische Fahrzeuge stehen im Zeichen der Transformation. Besonders spannend: Neue Batterie- und Antriebstechnologien ermöglichen mehr Reichweite, niedrigeren Verbrauch und schnellere Ladezeiten.
Mercedes-Benz treibt die Digitalisierung weiter voran und plant eine stärkere Lokalisierung der Produktion. Investitionen in neue Plattformen, eine Reduzierung der Materialkosten und KI-gestützte Assistenzsysteme machen den Hersteller fit für die Zukunft. Seid gespannt auf die nächsten Jahre – die Transformation hat gerade erst begonnen!
#MercedesBenz #Elektroauto #Technologie #Innovation #Luxus #Performance #MBOS #tuningblog - das Magazin für Auto-Tuning und Mobilität!
Mercedes-Benz startet durch! Mit der größten Produktoffensive seiner Geschichte bringt der Automobilhersteller bis 2027 dutzende neue oder überarbeitete Modelle auf den Markt. Dabei stehen intelligente Modularisierung, High-Tech-Antriebe und das neue Betriebssystem MB.OS im Fokus. Der CLA geht als erstes softwaredefiniertes Fahrzeug an den Start – wahlweise mit elektrischem Antrieb oder einem hochmodernen Hybridmotor. Auch die legendäre G-Klasse erhält Zuwachs mit einer neuen, kompakteren Version.
Das Unternehmen setzt auf eine innovative Designsprache und modernste Technologie, um die Zukunft der Mobilität zu gestalten. Performance-Modelle von Mercedes-AMG, hocheffiziente Verbrenner und vollelektrische Fahrzeuge stehen im Zeichen der Transformation. Besonders spannend: Neue Batterie- und Antriebstechnologien ermöglichen mehr Reichweite, niedrigeren Verbrauch und schnellere Ladezeiten.
Mercedes-Benz treibt die Digitalisierung weiter voran und plant eine stärkere Lokalisierung der Produktion. Investitionen in neue Plattformen, eine Reduzierung der Materialkosten und KI-gestützte Assistenzsysteme machen den Hersteller fit für die Zukunft. Seid gespannt auf die nächsten Jahre – die Transformation hat gerade erst begonnen!
#MercedesBenz #Elektroauto #Technologie #Innovation #Luxus #Performance #MBOS #tuningblog - das Magazin für Auto-Tuning und Mobilität!
Kategorie
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MotorTranskript
00:00yes thank you very much marcus that's incredible isn't that really crazy
00:14yes of course you know what that means for the numbers
00:19everything you've heard so far comes down to the cost side
00:24before we talk about that though i'd like to show you this chart
00:30it's very important because i want to show you the assumptions we're making going into the future
00:38you can see that for yourself but overall we're proceeding very cautiously when we
00:43look at macroeconomic and market developments
00:48and that will also be reflected in the statements we're making here regarding the outlook
00:54what does that mean overall and how does that translate into our sales expectations
01:00we expect stable sales in europe
01:05solid momentum in the u.s a cautious outlook for china
01:08but overall of course great uncertainty regarding tariffs
01:12that's obviously not helpful for the overall economy but i don't want to go into it or speculate any
01:20further here
01:25now i'd like to delve a little deeper into media's race and explain what impact this
01:29fireworks display of vehicles will have
01:36we've already heard that and our sales mix for 2024 was slightly below 2 million units
01:41we'll be forecasting more cautiously for 2025 based on what was said this morning
01:53but surely there's something that can lead us to believe that this incredible portfolio
02:01fireworks display in 2027 will lead to new momentum a new sales dynamic
02:06don't you believe that i firmly believe it absolutely what does that mean for the mix
02:20regarding the top end we're talking about shares in the range of 14 to 15 percent
02:25definitely with the upgrade of the s-class that's a very strong driver in this context
02:36ola already mentioned that but also amg
02:38you saw the vehicles yesterday the beautiful vehicles the amg ea including the combustion engine models
02:47not just the battery electric vehicles
02:53what does this mean for the share of exevs
03:00here too the share is expected to rise from 2026. of course with the cl and mma as they ramp up
03:07production but especially when the new electric gl ce and c-class hit the streets
03:16this will naturally create a great deal of momentum in this area
03:22then we naturally have a strong pef portfolio with strong demand
03:28i think this is a wonderful opportunity that will provide leverage for us
03:31overall we expect the exev share to rise to over 30 percent in 2027. but of course this ultimately
03:41depends on market conditions and also on the infrastructure availability and customer needs
03:51what does this mean for the top line
03:53we always look at unit sales rather than revenue
04:01let me take a quick look back
04:09from 2019 to 2024 we saw that unit sales declined and i saw a growth rate of over 2.5 percent between
04:172019 and 2024. despite the challenge we have a solid top line
04:28and what's driving it ask final pricing
04:35we have a very competitive environment but we have good values we have good volumes and we stick to our
04:41our values
04:46but overall the entire environment is much more competitive than before
04:52so that means we have to remain competitive in this dynamic market
04:55but we will remain disciplined in terms of pricing
04:59what does this mean for sales development
05:01yes in 2025 and 26 we won't be able to separate sales from sales as we've already said but 2027
05:12is an important year and i think we'll have enough momentum to
05:17drive our sales forward a bit
05:21you probably also have a question what does this mean
05:26we have such a huge product portfolio 40 positions
05:29what does this mean for the margins
05:35what can we expect in terms of the margin
05:40and i'm looking forward to addressing that a little
05:44let's start with the top end
05:49we have truly cult products iconic products in this area
05:52we have a very high standard high quality and the margin is just as high
06:02just as high as the quality
06:06and when i stand here before you now and can tell you that we had around 280 000 units in the top end
06:11i'm very pleased
06:12that naturally contributed over 40 percent to the contribution margin of the vehicles in 2024
06:23and think for a second about what's to come with the amg ea the combustion engines of the s-class
06:29don't you think we still have potential here that we can get a bit over 280 000 300 000
06:41and the quality of the margin we just talked about it isn't that a good lever
06:45decide for yourself now to the core business
06:55i'd say it makes a healthy contribution
06:59over a million units the e-class is truly an incredible success in the market
07:04and i can also say that it's a truly healthy contribution margin in this segment not just for
07:14the e-class but for the entire segment and it contributes approximately 40 percent to the
07:18overall contribution margin for cars
07:26the same here electric e-class you've heard we have an electric e-class
07:32electric glc and electric c-class coming
07:39so i think we see great potential for volume expansion and healthy contributions in this segment
07:44here as well
07:47positive margins
07:51now doesn't that offer a lot at the entry level level
07:54no i don't think so this is also a very good contribution margin here in the entry level segment
08:03i would say we're dealing with good quality here
08:06the 500 000 square meter segment is more or less the cla and mma
08:14we offer good values and we naturally want to maintain or even improve the solid
08:19healthy margin in the entry level segment
08:21the other important question of course is what about the higher share of electric vehicles
08:34what does that mean for the portfolio and how can we improve or increase the margin in the electric
08:39vehicle segment
08:40yes you already heard an answer earlier it's about the product
08:47the electric vehicles have to be just as good as the combustion engines
08:53i am 200 convinced that you will be and you will be able to experience it for yourself this
08:58afternoon when you drive the vehicles and feel the products for yourself
09:06can this margin gap on the top line be closed on the pricing side
09:10i think we've all learned that
09:14no you can't and that's why you need the right product and costs have to be under control
09:20so what are we doing here
09:27we are taking the new ev costs and reducing them by more than 15 compared to the previous version
09:33and that naturally also means that we can reduce the difference between combustion engines and evs in the future
09:46and at the same time we also know of course and you've already heard it that with this portfolio
09:51expansion of combustion engines combustion engines will be around for a long time and will be a part of our lives
09:57isn't that good news yes of course it is in terms of margin security
10:07so maybe we've lost sight of it a bit but compared to some time ago
10:11when a higher ev share was actually assumed it's good news if combustion engines will be present for longer
10:20and what does that mean in terms of investment focus
10:23but the main focus here is on portfolio margins and today we already have 70 percent of investments
10:32going into the top and core segments and i would say that's a trend that will increase in the future
10:43yes with regard to the general trend within the entry level segment the core segment and the top
10:49end segment that's a very important mitigating factor for this increase in the ev share in the future
10:59yes with regard to the top line side of the portfolio yes of course that's one point but of
11:06course costs and efficiencies are very very important
11:11we've already achieved a lot there we've been working on it for a long time
11:15but now we're moving forward at a faster pace we call it next level performance
11:24and this program is about the resilience of our company
11:29and when we talk about that we're first of all talking about industrial capacity
11:35ola compared it to a suit saying that you have to make the suit fit
11:39and what have we done here in the last few years we've already made adjustments
11:45for example by the end of 2024 we had built up around two and a half million units of capacity worldwide
11:53you can see it here on the map
11:57this is the map for the current situation at the end of 2024. we sold some things in france
12:03russia and indonesia for example what are we doing with a view to the future we will adjust the size of the plants
12:16that means that in the coming years we will adjust capacity to two to two and a half million units
12:23how can we do that
12:24yes to start with 100 000 units less in germany but then shift capacity to cashgamer in hungary
12:34where we want to build 200 000 units
12:45we will discontinue the glb production in mexico at the end of 2026. we have the option for additional
12:52locations and also the option for another 100 000 units in china and we just announced yesterday
12:57that we will also be divesting ourselves of the van plant in argentina
13:06this means that this is an effort that we are taking very seriously
13:11what does this mean for the plants in germany there is a lot of talk about this
13:15no we have no intention of closing any plant in germany
13:24we will limit capacity to 300 000 units per plant
13:29how can we do this
13:32this means that the number of employees will be adjusted
13:35for example by reducing the number of temporary workers and taking advantage of fluctuation
13:40yes this means capacity of 2 to 2.5 million worldwide while at the same time retaining
13:50flexibility in line with the developments in our portfolio the expansion of our portfolio
13:55and of course market conditions
13:59and of course we want to remain flexible
14:03we already have enormous flexibility in the plants between combustion engine and ev variants
14:08yes then let's talk about production costs
14:15how can we get production costs under control
14:20well over the last two years i can proudly say that we reduced production costs by 10 percent in 2022
14:27compared to 2024. that means we're now aiming for another 10 percent this incremental 10 percent by 2027
14:35and that's not the end of it
14:39we actually want to double that by the end of the decade and then you might ask yourself
14:44well but how can we do that what are the levers for that and first of all one point is we're moving east
14:52i've already mentioned it we're building up our capacity in cash gem it and increasing that
14:57and that means that the share of low-cost countries within the eu will rise from 15 percent to 30 percent by 2027
15:08and why is that so favorable
15:10well the factor costs in this plant in cash are 70 percent lower than in germany and we will also be
15:24shifting a product in the core segment to cash mint in the future
15:27that's on top of that so what other levers are there in this connection with production costs
15:46first of all we are in the process of reducing staff and of course also through demographic measures
15:51and of course something else we are tackling is absenteeism
16:05this has been widely reported in the media and of course also the use of ai digital twins and so on
16:11but of course also the integration of logistics of transport the optimization of transport routes
16:17and of course keeping energy costs under control through the use of more renewable energies
16:22the wind farms in germany and all the other facilities we have solar systems etc
16:27so all of this naturally also flows into the reduction of production costs
16:38so what about hedging against geopolitical risks
16:42this obviously has a lot to do with this whole discussion about tariffs
16:45that's nothing new because we already have this philosophy of going local for local
16:52and we've been following it for several years
16:55what's this about
17:0060 percent according to this principle of local for local is to be increased to 70 percent by 2027.
17:07we can achieve this through further localization of products in china
17:10and also the option of further localization in the usa
17:15yes but let's first look at what makes these plants and these environments so special
17:28of course the usa is the country for our suvs in taskaloosa
17:33250 000 to 300 000 units are produced locally
17:38two-thirds of these are exported
17:40but it also means that the trade balance at the vehicle level is relatively balanced
17:47and we are one of the largest exporters of vehicles from the usa
17:57in the medium term this means that we will export top-end vehicles
18:01top-end suvs from this plant in the usa to china
18:05and from the usa we will export both top-end and core suvs to europe
18:15and we also have the potential to localize further
18:18for example from this core segment to the usa
18:21to taskaloosa alabama
18:25what about europe
18:26well for europe i would say that is the home of the top-end vehicle
18:33that is the benchmark
18:35it's about excellence craftsmanship luxury
18:43eighty percent of the market is served locally in europe and of course we have exports primarily
18:48from germany to china and for example the sedans also to the usa and the rest of the world
18:56in the united states
18:59china has a very strong local presence with bbac
19:03that's our local partner bike
19:06it serves eighty percent of the chinese market locally
19:14by mid-2026 we will also localize the long wheelbase of the gle in china
19:19but there will be no exports from china
19:26the next chapter on the topic of efficiency is of course material costs
19:32so what is our goal here
19:35the idea here is that we want to reduce material costs by eight percent by 2027.
19:41what other levers can we use here
19:43for example our so-called beat 2026 program which marcus and gunner introduced
19:53and here it's really about every supplier being fully focused on reducing material costs as much
19:58as possible
20:02we've already achieved good traction here in 2024. i spoke about industry performance this morning
20:08and you can see that reflected here too
20:15but i also want to clarify that this isn't a classic conventional beat supplier program
20:27that means we're taking the engineering team and the procurement team and bringing them together
20:32with the relevant supplier teams so that this can be queried standardization can be looked at
20:37and technical refinements can be worked on so that cost reductions are also possible here
20:46the second lever as you've already heard from marcus is reducing battery costs
20:55a 30 reduction per kilowatt hour with mma with the corresponding different chemical variants
21:01then the corresponding scaling and of course improvements compared to the previous model
21:07the third lever for material costs is of course reducing one-off costs and that's why we've introduced
21:19new flexible rates for supplier contracts
21:27this allows us to better protect ourselves against future cost increases and one-off costs
21:32of course we've already talked a lot about production materials but there are also non-production materials
21:41which only amount to 20 billion so we can of course tweak that too
21:48that means the specifications the management of requirements the renegotiation of contracts
21:54outsourcing AI and so on
21:59there's a lot of potential here too
22:04and at the same time you can see it down here on this slide
22:07we will continue to improve the contents of the vehicles so that we meet the regulatory requirements
22:12but at the same time we can also improve the competitiveness of the vehicle
22:16yes on the subject of investments
22:26i would say we are disciplined very disciplined when it comes to investments
22:35you can look at it yourself and form your own opinion about what we achieve between 2019 and 2024
22:41well we're at 10 percent before inflation
22:50but what does that mean for the profile in the immediate future
22:56for 2025 we firstly expect general investment to increase again
23:03we're talking about a billion over a billion here
23:05we're talking about various new product launches which you will hear about today
23:12yesterday evening and this afternoon
23:18and then in 2026 we expect this investment curve to have already reached its peak and then go down a bit
23:24this means that for 2027 we expect the investment level to be approximately 10 percent lower than the 2024 investment level
23:40or in other words approximately 20 percent lower than in 2019
23:45and that's exactly what we promised several years ago despite all the changes we've seen in our environment
23:58your next question will probably be how can you achieve this
24:03and what about all your products let me summarize briefly
24:06the investments in mma in the electric glc c-class amg ea
24:17these will be more or less completed by 2027 and we will then have reached the investment peak for these vehicles
24:24we will of course make investments for future products e.g. the next generation s-class e-class and suvs
24:31i think that's important for our business
24:40but what marcus said about modularization in software and hardware
24:44we can use everything across the entire portfolio for combustion engines and electric vehicles
24:53and these economies of scale allow us to reduce investment costs
24:57and the efficiency that marcus showed us on the chart if we track the drivetrain performance
25:06of the combustion engines and compare it with the past and see what will happen in the future then we
25:10are much more focused
25:15the same applies to electric vehicles
25:19we can use this across the entire portfolio and scale it from the entry level segment through
25:23the core business to the luxury class
25:30and that is a very important lever for reducing investments on this journey
25:34for actually drawing up the profile that i mentioned earlier
25:43and we will of course continue to invest in tech stack as you have heard about mbos and all kinds of other
25:49new technologies fixed costs
26:00we didn't say in 2020 that we wanted to reduce fixed costs by 20 percent between 2019 and 2025. we achieved 19
26:082000 to 24 you already heard that this morning including the inflation rate in europe and germany
26:27well we had 20 and 30 worldwide
26:30that means we were really able to reduce fixed costs so much which shows you what we've achieved within
26:38this period
26:41as i said inflation rates were over 20 percent in europe and over 30 percent worldwide
26:47now we're targeting the next 10 reduction in fixed costs
26:52how is that supposed to work you might be asking yourself what levers do we have here
26:56well we will reduce the active workforce through fluctuation but also through voluntary downsizing
27:08we still have considerable outsourcing potential
27:12we're working on this potential in finance human resources general procurement and purchasing
27:18we will definitely streamline business functions and you already heard and saw this at ola this morning
27:28we will integrate and merge our mobility and car sales divisions
27:37or for example what we announced some time ago we will sell our dealerships our dutch operations in germany
27:43we will reduce management positions we will increase control
27:52we will reduce various levels and take a more flexible approach to team management
27:59we will stop non-essential activities
28:03we will standardize digitize and i believe there is enormous potential to utilize generative ai throughout our
28:09entire business
28:14perhaps we will conduct our next disclosure call with ai support and you will see a robot in front of you
28:20let's go back to china for a moment
28:26we are assuming a position of strength there
28:30definitely what have we achieved in terms of market position over the past decades
28:35i believe we have achieved outstanding things in the past 10 years
28:39what does that look like for the premium market in china in 2024
28:45there has been so much talk about it that we sometimes forget what position we have there
28:52overall we have a market share of over 50 percent in the top end market
28:58over one and a half million renminbi in china
29:00we are clearly number one in the market above 800 000 renminbi
29:11at amg we are number one in terms of market development and also in the performance area
29:16the s-class sells two to three times more than competing vehicles
29:29and if you look at the chart you can also see that we have the highest average msrp among the premium manufacturers
29:35what you don't see here is that we offer the lowest discounts among the premium oems
29:48that means the higher the msrp the smaller the discount
29:56and that means the brand still enjoys fantastic price cutting potential in this market
30:00but i don't want to be naive
30:07of course we are aware of the challenges the challenges in the market and we have to remain competitive
30:16our goal however is clearly to defend the leading top end position and protect our profit pool in china
30:21you already heard that when we talked about our strategy we focus on what makes a mercedes a mercedes
30:30and that applies above all and especially to china
30:39we have a really strong position as a brand and it's important to maintain our iconic status and to
30:44to actually tailor the design to the chinese markets
30:52we have this ghillie long wheelbase version here but of course we also have to offer the very latest technology
31:02a few words about local production at bac
31:05a few facts and figures despite wbac's contributions which decreased in 2024 as you saw earlier when we
31:19spoke i would still like to tell you that the return on sales is 15 percent
31:23isn't that incredibly healthy
31:32and what are the challenges what are our goals what is our mission
31:39clearly we need to restructure at bbs and do so in such a way that we can maintain double digit margins in
31:45the future and to do this we need to implement a comprehensive cost cutting program with our partners
31:57what does that mean we're tackling material costs by over 10 percent localization efficiency technical
32:04efficiency and contract renegotiation
32:09we're looking at variable production costs which we'll be addressing and of course also fixed costs
32:14both of which are to be reduced by 20 percent
32:21a very comprehensive program then but there are additional measures
32:26i briefly mentioned that we need to adjust industrial capacity
32:32i also don't want to forget to mention that with regard to dealers we will be looking at the
32:36development of the network to ensure that the entire process is driven by efficiency
32:44and we will also expand our footprint for the china fit products in r&d and do some work regarding development costs
32:58now let's shift gears what does this mean for our overall financial framework
33:16and as far as i know there were a few bets as to whether there would be a weather map or an update
33:20i don't know if you would call it a weather map or an outlook and honestly i don't care
33:34we have the impression that we live in a very volatile challenging environment so a weather map doesn't seem very useful
33:40so let's get back to the facts what do we see
33:48we see a clear road map back to double digit growth and double digit margins
33:57very important in this context remember that we are very cautious and conservative in our outlook
34:03both from a macro and market perspective
34:10and i dare to assume that the product fireworks will indeed generate a great deal of momentum
34:14both in terms of sales and revenue
34:19more likely in 2027 as i've emphasized several times already
34:23you've heard that we're strongly focused on closing the margin gap between combustion engines and electric
34:34vehicles and everything i said about nlp next level regarding reducing production costs material costs
34:40fixed costs and investment costs
34:53we'll continue to work hard on that too and you'll probably ask me what is the biggest lever
34:58starting from 2024 to achieve double digit margins
35:01in 2027 i'm unequivocal nlp is the strongest driver that's what we have at our disposal in terms of driving costs and efficiency
35:22and in the guidance i said that incremental tariffs aren't taken into account here
35:26and that of course also applies to subsequent years
35:31the margin is good cash is a reality you know that better than i do
35:40what does that mean in terms of cash generation and returns
35:48so i think we have a lot to show for ourselves here
35:52if you look at this chart between 2019 and 2024
35:56we generated over 45 billion euros in cash flow in the industrial business
36:01we paid out approximately 30 billion euros in dividends and share buybacks
36:16we also had additional shareholder return from the spin-off of daimler truck
36:20so the total shareholder return was 100 between 2019 and 2024. i'd like to go into that a little more in-depth
36:33let's imagine you buy two daimler shares in 2019 at a price of 50 euros
36:39let's do that simply
36:40and you invested 100 euros back then in 2019 and let's assume you still have the shares and let's also assume
36:52you still have the one daimler truck share that you kept after the spin-off and then you have your cash dividend
36:57and of course the accretion effects from share buybacks
37:00that was also helpful so if i'm calculating my numbers correctly i'm at 200 euros
37:14that means despite all the difficulties in 2024 and in the industry that's not interesting
37:21100 euros invested in 2019 today is 200 euros that you still have in your pocket
37:26i think it's not a bad idea to hold on to those 200 euros
37:34at the same time the nil rose from 11 billion euros in 2019 to 31 billion euros at the end of 2024.
37:42that's the net liquidity in the industrial business
37:47but yes that was a look in the mirror but what does that mean when we look to the future
37:52what does that mean in terms of capital allocation and what does that mean in terms of capital distribution
38:06we obviously want to offer shareholders a good return you know that
38:16but we also want to express our own confidence in our future and our confidence in our financial and
38:20the dividend will be high and at the same time we will have a strong balance sheet
38:36what kind of capital allocation framework do we have now
38:39dividend 4.30 which means a 41 percent payout ratio in line with the capital allocation framework
38:53and we will continue with our share buyback
39:03the supervisory board decided just yesterday that we will launch a new share buyback program of up to 5
39:12billion euros over up to two months possibly starting in may 2025. of course we need the approval of the
39:19this is required in may 2025 and this share buyback program is to be supported by the caching in 2025 and
39:38and the beginning monetization of the daimler truck
39:48shares at the same time we will of course protect our nil level
39:58yes you know that the lockup period expired at the end of the year
40:01but we also see the potential for further monetization in carefully planned steps
40:14but we also see that the share on the truck side has experienced a lot of traction since the spin-off
40:19more than 30 percent
40:24yes and we also see a lot of additional potential here
40:31and we also see that this is a non-strategic share
40:42and that's why we're considering monetizing the share in a market-friendly way over time
40:50and these are things that are also taken into account in the cash flow and also in this 5 billion program
40:56yes so here too it's important that we first get approval from the annual general meeting so that we can do this
41:07yes and now it's time to come to the end and perhaps summarize
41:13what are the most important aspects of this company's equity story
41:16why why is mercedes unique
41:25and why do we stand out compared to others from your perspective for example
41:31well that's ultimately your perspective of course but i'd like to be so bold as to share our perspective as well
41:37we see mercedes-benz as a perfect blend of luxury and high performance technologies
41:50stay of the art it is the most valuable market brand with iconic products and that means that we not
41:56only address the customer not only in their cognitive thoughts but also in their emotions
42:01we are of course also a company that is committed to excellence and innovation
42:11we can basically say that we have seen it this way and done it this way since the company was founded
42:16the product evolution the product fireworks that we are talking about today simply takes it to a new level
42:35but with precisely this dna and this very swabian approach to costs and investment policy also shows
42:41how we see this road map for these double digit margins how we see how we can build this solid
42:46balance sheet of 30 billion with a benchmark that actually has this capital allocation framework
42:51behind it and the announcements that we have made here today
43:02our job now is to deliver the investment decisions are up to you
43:18thank you very much
43:28thank you very much to all of you
43:32thank you
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