Mercedes Benz strategic update: Mercedes-Benz global production & Humanoid strategy

Research evidence excerpt

Mercedes Benz strategic update: Mercedes-Benz global production & Humanoid strategy

J P M O R G A N Europe Equity Research

14 July 2026

Mercedes Benz strategic update

Mercedes-Benz global production & Humanoid strategy

We attended the expansion ceremony of the Mercedes Benz plant in Hungary European Autos & Auto Parts

ACwhich clearly exceeded our initial expectations into the event. We came in with Jose M Asumendi

expectations to learn about the manufacturing footprint of the Mercedes Benz plant (44-20) 7742-5315

in Hungary as well as overall competitiveness but it quickly developed into a: a) jose.m.asumendi@jpmorgan.com

full global manufacturing review of the entire Mercedes Benz production footprint J.P. Morgan Securities plc

and competitiveness by Michael Schiebe Head of production; b) the presentation Piyush Singla

of the new C class electric and AMG version; c) a very well balanced and strategic (91-22) 6157-3324

piyush.singla@jpmorgan.com

discussion from Ola Kallenious CEO of Mercedes Benz with regards as to how J.P. Morgan India Private Limited

Mercedes Benz continues to adapt its global strategy in a volatile tariff world; d)

first reveal of Mercedes Benz and Apptronik Humanoid partnership; and e) a well- Specialist Sales contact details:

rounded financial update by Harald Wilhelm CFO of the group. Sam Edmunds - Specialist Sales -

European Industrials

Strategic Production Update. We see the company committed to taking down (44-20) 7742-8733

production from 2.4m units (FY26) to a range between 2 to 2.2m units globally in sam.edmunds@jpmorgan.com

the medium term. The firm is already well on its way having taken several plant

shutdowns or disposals over the past few years, including in Mexico and Hambach.