Mercedes-Benz Prepares for Critical Analyst Call as China Sales Slide 28% and Debt Metrics Tighten
Published on 07/12/2026 at 19:32 | Redaktion boerse-global.de
Mercedes-Benz shares ended last week at €43.95, a stone’s throw from their 52-week low of €42.64 hit on June 29 — a level that leaves investors bracing for two pivotal events in the coming days. On Monday the automaker inaugurates a plant expansion in Kecskemét, Hungary, and on Tuesday management holds a pre-close call with analysts that could set the tone for the rest of 2026.
The stock has shed 28.71% since the start of the year and trades 17.20% lower than twelve months ago. The RSI stands at 38.4 — technically in oversold territory but not at an extreme depth — while annualized 30-day volatility runs at 29.25%, reflecting persistent jitters.
China’s Freefall Accelerates
The immediate drag on sentiment is a brutal slump in Asia. Mercedes-Benz delivered 1,011,500 vehicles globally in the first half of 2026, a 6% decline year-on-year. The damage is concentrated in China, where sales collapsed 28% to 210,200 units. The Chinese share of group sales shrank from 31% in 2025 to just 21% in H1 2026, as local rivals and a hesitant electrification strategy erode the company’s former stronghold.
Asia as a whole saw deliveries drop 25% to 291,000 vehicles. The picture brightens elsewhere: Europe lifted 5% to 325,000 units, with Germany up 7% to 105,300. North America jumped 15% to 180,900, and the U.S. alone added 15% to 163,000. Battery-electric vehicle sales rose 28% to 97,100 — a growth pocket that, however, does not compensate for weakness in combustion and plug-in hybrids.
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Balance-Sheet Watch Intensifies
Beyond the sales numbers, analysts are eyeing tightening financial buffers. According to AktienSensor, second-quarter deliveries fell 3.1%, while the debt-to-EBITDA ratio hit 5.8 — perilously close to the 6.5 covenant limit. The liquidity coverage ratio of 115% is also within five percentage points of its contractual floor of 120%. In a restructuring scenario, the estimated risk of equity loss for shareholders is 15% to 20%.
Mercedes-Benz continues to plough capital into electrification, with €1.2 billion earmarked for a battery plant in the Netherlands. Tighter EU emissions rules could add further pressure, though the final regulatory details remain uncertain.
Analyst Divide and a Financing Overhaul
The analyst community remains split. UBS retains a “Neutral” rating, pointing to macro risks, while Jefferies recently upgraded from “Hold” to “Buy.” Jefferies analyst Philippe Houchois trimmed his price target to €52 but argues that management still considers its 2026 annual targets achievable.
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Meanwhile, the company is restructuring its funding architecture. A Dutch subsidiary will assume issuance of certain bond series, with the parent continuing to guarantee all obligations — a move intended to optimize the capital structure and improve refinancing efficiency.
Monday’s factory opening in Hungary adds a production-strategy layer: the expansion is designed to make manufacturing more flexible across different drivetrains. Tuesday’s pre-close call, however, is the main event. Investors will be listening for concrete guidance on margin stability in the premium segment, cost-program progress, and whether the operational data can support management’s stated confidence. For a stock hugging its lows, the signals could hardly matter more.
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