Mercedes 2002 Annual Report Download - page 9
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Chairman’s Letter |3
Divisional review. As far as sales, revenues and Operating Profit are concerned, the Mercedes Car
Group again surpassed the record results of the previous year. At the same time, Mercedes-Benz
has been able to gain market share in predominantly declining markets. As a result, the brand
with the star continued to strengthen its leading position among the luxury brands. At present,
we have the most attractive and up-to-date product line-up in our history and we will vigorously
continue our product offensive.
The Chrysler Group has made outstanding progress: substantial cost reductions as well as
significant increases in efficiency have been achieved, sooner than was expected. The Operating
Profit has exceeded our original planning. This result was achieved in an extremely challenging
business environment, as the US market in 2002 was dominated by very high incentives. We have
every indication that this trend will continue. With much improved quality and image, a large
variety of attractive models in the pipeline and continued efficiency enhancements, the Chrysler
Group is well positioned for this increasing competition.
In our Commercial Vehicles Division, the past year was characterized by significant progress
with the restructuring of our American commercial vehicles subsidiary Freightliner. Here we
achieved break-even much earlier than originally forecast. In Europe and Latin America, our trucks,
buses and vans were able to maintain their position in a difficult environment. Despite the
improved results for last year, we are not satisfied with the profit in absolute terms. Therefore,
we are working diligently at turning our position as the world’s market leader into increased
profitability.
Our Services division has made very good progress. The past year has shown a significant
increase in Operating Profit. DaimlerChrysler Services continued to focus on the automotive
business and strengthen its support for our car and truck brands – through extended financial
services offered by the this year’s founded DaimlerChrysler Bank, for example.
Our alliance partner Mitsubishi Motors has made great strides forward with its restructuring
program. In addition to its cost saving and efficiency enhancement initiatives, there is now strong
emphasis on future products.
Strategy implementation. The achievements of 2002 demonstrate that DaimlerChrysler is
moving steadily ahead. However, we have not yet reached our ultimate target which is to become
the leading automotive company.
We strive to be present in every important market, with fascinating brands and products at the
leading edge of innovation and technology. This is our strategy and we will further implement it
with vigor and dedication: