The time of annual reports for the 2021 financial year turned into one big party. Especially for German automakers. Measured by reported profits, it was the best year in the history of the DAX. Volkswagen presented profits of €19.3 billion (7.7 percent Ebit margin), Mercedes €16 billion (12 percent Ebit margin), and BMW generated €13.4 billion in profits (12 percent Ebit margin). In China, such profits are (yet) rather unusual. Geely, for example, generated the equivalent of €692 million in profits, but had to turn over €14.6 billion to do so. That is not even a 5 percent Ebit margin.
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