Daimler Truck’s Q2 orders fall on weak Europe, Asia demand
By Louis van Boxel-Woolf
(Reuters) – Second-quarter order intake at Daimler (OTC:) Truck fell 5% on the prior year, the firm said on Thursday, with weakening demand in Europe and Asia contributing to the fall.
Total orders, an indicator of future sales, stood at 198,376 for the first half, a fall of 10% on the first half of last year.
Orders for the quarter were 92,569 units.
“Demand in key truck markets, particularly in Asia and Europe, has weakened”, said Martin Daum, CEO of Daimler Truck.
Truckmakers are grappling with subdued demand in Europe. Traton, the truck- and busmaker majority-owned by Volkswagen (ETR:), reported falling order intake on the continent even as it rose in the Americas during its first half.
The company cut its guidance after market close on Wednesday, with the firm now expecting 2024 earnings before interest and taxes “significantly below” those of 2023.
