Strong market position as a leading global premium automotive manufacturer, notably of Mercedes-Benz Cars (MBC). Market leader in heavy trucks. Strengthening profitability, supported by new car models and cost-efficiency programs. Modernization and extension of its product range. Slowdown in demand growth in China. Exposure to cyclical demand for cars, trucks, and other vehicles. High capital intensity, price competition, and cost pressures. More stringent industry-wide regulation and environmental standards. Our expectation of continued very strong leverage metrics. Positive free operating cash flow (FOCF) and low adjusted debt. Strong liquidity in the automotive operations. Supportive financial policy framework, which includes limited spending on acquisitions and moderate dividend payments. Sizeable capital expenditure (capex). Debt adjustments for pensions. The stable outlook on Germany-based automotive
