New models and good figures: things are currently going on for German car manufacturers – including on the stock market. That could help the leading index to a record.
Ssolid company balance sheets pushed the Dax towards a record high on Friday. The leading German index gained 0.3 percent in the morning to 15,301 points. This means that there are still just under ten points separating him from his recently marked record.
Daimler shares gained more than two percent and took the lead in the Dax – ahead of Heidelbergcement and MTU. A flourishing business in China and cost reductions gave the Stuttgart-based automaker a profit jump. HeidelbergCement shares also rose by around two percent. Thanks to the stable economic situation in the sector, the building materials group earned better than expected on the market in the first quarter.
Quarterly growth above expectations drove the papers of the pump manufacturer Pfeiffer Vacuum by more than eleven percent. A forecast increase by the Kochbox provider HelloFresh brought the shares a price increase of 2.2 percent.
Even before the stock market opening, the strong first quarter had given the Daimler share a boost. According to the key data presented, the price of the car manufacturer on the Tradegate trading platform advanced by 2.1 percent to EUR 76.93 compared to the Xetra closing price. The share is touching its previous high since December 2015, which was reached a few days ago at EUR 76.99.
The car and truck manufacturer started the year better than expected, mainly thanks to the strong China business, and earned significantly more operationally than at the beginning of 2020. The operating result of almost five billion euros and the inflow of liquid funds (free cash flow) of around 2.8 billion euros is, according to the company, well above market expectations. Analysts agreed with this in their initial comments. RBC’s Tom Narayan attributed this to the product mix in the Mercedes auto division and better management of working capital.
Things are also going well for the sports car manufacturer Porsche. He sold around a third more cars in the first quarter of 2021 than in the same period of the previous year. Between January and the end of March, 71,986 vehicles were handed over to customers – 36 percent more than in the first quarter of 2020, the VW subsidiary announced on Friday in Stuttgart. In the previous year, the corona pandemic, which started in mid-March, partially slowed Porsche and other carmakers in terms of sales.
In the full year, Porsche had sold a good 272,000 cars worldwide, slightly fewer than in 2019. In view of the strong sales start in the new year, the sports car manufacturer can now hope to break the 300,000 mark for the first time. There is “a legitimate chance”, said CEO Oliver Blume at the company’s balance sheet press conference in mid-March.
In the first quarter, Porsche benefited from increased sales in all relevant world markets. Things were getting stronger in China, with almost 22,000 cars sold there alone. This corresponds to a full plus of 56 percent compared to the previous year. In the United States, sales increased by 45 percent, in Europe by 16 percent, and in the home market of Germany by as much as 14 percent.