Mercedes-Benz announced a sweeping overhaul of operations in China last December as its sales in the world’s largest auto market sputtered out. A year later, the carmaker’s deliveries in the country are once again on the rise and propelling global growth that’s outstripping rivals.
China’s planned economic reforms are poised to reshape the competitive landscape, allowing private companies such as Alibaba Group Holding Ltd. to compete with state-owned banks and easing the one-child policy to bolster demand for products from Nestle SA to General Motors Co.
Daimler AG forecast fourth-quarter operating profit will advance as customers snatch up the Mercedes-Benz CLA coupe, E-Class sedan and flagship S-Class, an indication Chief Executive Officer Dieter Zetsche’s strategy to roll out new models to boost earnings is gaining traction.
Daimler AG’s board is set to extend Chief Executive Officer Dieter Zetsche’s contract by five years, handing him the chance to deliver on his goals or risk the Mercedes brand falling further behind its competitors.
Daimler AG extended Chief Executive Officer Dieter Zetsche’s term and named manufacturing manager Wolfgang Bernhard to run the truck unit in a possible step to the top job at the world’s third-biggest luxury-car maker.