Mercedes 2001 Annual Report Download - page 7
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Chairman‘s Letter 3
Finally, at our strategic partner Mitsubishi Motors Corporation (MMC), we have increased our stake
to 37.3%. We now have the potential to cooperate with the Commercial Vehicles division of MMC, as well.
The turnaround plans at Mitsubishi Motors are yielding promising results. Initiatives aimed at increasing
productivity and quality, along with considerable improvements in cost structures, are under way.
The management of MMC is confident that it will reach break-even during that company’s current financial
year ending March 2002. For the rest of 2002, one will have to take into consideration the extremely
difficult market conditions prevailing in Japan.
Group outlook 2002. The global automotive business is currently experiencing the toughening markets the
Chrysler Group started to feel as early as 2000. We said then, at the onset of the American industry’s
downturn, that while Chrysler Group may have to be one of the major automobile manufacturers to enter
this valley, we would also be first out. That, we believe, is beginning to happen.
The year in view, however, promises to be another demanding one, with several major economies facing
weaker growth. The world economy has moved off a solid base.
Consequently, DaimlerChrysler has reviewed and updated its planning assumptions to take into account
the consequences of a weaker economic and market environment. In February 2001, the Group set targets
for 2002 and beyond based on assumptions that were reasonable at that time, but which no longer apply.
The reality is that the fundamentals for 2002 have become more uncertain and the task more challenging.
Consequently, our current planning is conservative.
DaimlerChrysler nevertheless expects Group operating profit for 2002 to be significantly in excess
of twice the level of 2001.
However, we remain confident that we will achieve results similar to those projected in February 2001,
although at slightly later dates.
DaimlerChrysler has taken the right steps to deal with the uncertain times that many predict lie ahead.