Mercedes-Benz will axe three cheaper models and spend the vast majority of its cash on developing top-of-the-range cars in a bid to convince investors that it ranks alongside luxury goods groups such as France’s LVMH.
The focus on more expensive products would help Mercedes achieve profit margins of between 13 and 15 per cent by the middle of the decade, chief executive Ola Källenius said, assuming market conditions were “favourable” at the time.
This would still leave Mercedes far behind LVMH’s 27 per cent operating margin in 2021, and behind the 25 per cent achieved by luxury auto leader Ferrari last year, but closer to German rival Porsche.
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