Ladies and gentlemen, how do we see Mercedes-Benz? We as the Board, you as shareholders. Today we will talk about that. But what does a Mercedes-Benz actually see? Something like you see me now. Our latest models are equipped with dozens of sensors: lidar, radar, cameras, and ultrasound scan the environment precisely and without pause. What does that bring? For one, scratches and dents when parking become almost impossible, if you still want to park yourself. More importantly, it enables automated driving. We are pioneers of this rapid development, and that in the Mercedes way: innovative, comfortable, and safe. With all pride in our tradition, what lies ahead is always more important for us. Let's refocus the picture. And so, welcome to the Annual General Meeting. Those who work for Mercedes-Benz bear responsibility for this company, for this brand. We think long-term. Eventually we want to hand over Mercedes to the next generation in an even better state, and we have a clear plan for that. It consists of five points: we put customers at the center; we introduce a new generation of Mercedes technology; we launch the largest product offensive; we increase the resilience of our business; and we generate attractive returns for you. That is what I want to talk about today. Let's start at the very beginning. A hundred years ago, a symbol was born: the three-pointed Mercedes star. It still adorns our cars today. Today, Mercedes-Benz is the most valuable luxury automotive brand in the world. Why? What makes it so special? A thousand extraordinary details, perfectly combined for genuine Mercedes moments. Mercedes stands for prestige, safety, quality, technical excellence, effortless comfort, and technologies that bring added value to our customers. We want to deliver on these promises again and again with every new model, every innovation, and every contact with our brand. That is why we invest strategically in our locations. For example, New York: we have been present in Manhattan for over 70 years, and a comprehensive redesign of our brand appearance makes the visit an unforgettable experience. Another example: in Kiddiya City, Saudi Arabia, a unique AMG experience center is being built. Sports car fans, motorsport enthusiasts, and adrenaline junkies can look forward to it. In parallel, we are expanding our digital sales. We now have online sales in over 40 markets. Whether online, offline, or both, at Mercedes the customers decide what works best for them. That also applies to technology choices. We are now introducing a new generation of high-tech from Mercedes-Benz across all relevant areas. That is the second point of our plan. Our goal: new Mercedes-Benz cars will be CO2 neutral over their entire lifecycle in the long term. Even if the transformation is currently slower, we remain on course. With the EQOS we set a technological milestone, and with the new CLA we go even further. At 12.2 kWh per 100 km, the CLA is the most efficient production vehicle we have ever built. You could call it the one-liter car of the electric age—a masterpiece by our engineers. It has a range of up to 792 km. From Stuttgart to my Swedish homeland is about 1100 km. I visit my family there every summer. With the CLA, that requires only one charging stop. Range anxiety is a thing of the past. Furthermore, the CLA will bring the prices of electric cars and combustion engines closer together. Operating costs are already lower for most electric cars. And if you are still unsure, no problem: the CLA is also available with our new electrified high-tech hybrid engine. The gasoline engine is so efficient that you no longer need a diesel. In the coming years, there will be both: state-of-the-art electric cars and state-of-the-art electrified combustion engines. Our factories are flexible, so we can react quickly to the market. At the core of our sustainability efforts is the product itself, but we are working on the entire value chain from start to finish. At our E-Campus in Stuttgart-Untertürkheim, we have intensified research on battery cells since last July. Charging performance and energy density should continue to increase; energy consumption and battery costs should decrease. With our new recycling factory in Kuppenheim, we close the battery cycle. We can recycle more than 96% of a battery there. In addition to the most innovative drive technology, we also want to play a leading role in the digital experience, and that too is a revolution. It is a supercomputer on wheels. For example, computing power: in 1969, a computer with less than 100,000 operations per second took humanity to the moon. Today, a single chip can perform 254 trillion operations per second—that's 25 with 12 zeros. Four of these chips are in the new CLA. They are part of MB.OS, our new operating system, the brain of our cars—the intelligent combination of hardware and software. With this, we herald a new era. We developed MB.OS ourselves, and some of the world's best partners are on board. With Google, for example, we provide the best navigation in our cars. Our cooperation with Disney Plus offers even more entertainment. In China, we are expanding infotainment together with ByteDance. Our new cars are smarter than ever. They become personal assistants thanks to artificial intelligence, and over time they get even better. Software remains up to date with updates without workshop visits. A giant step we are making in automated driving. It can provide even better support in city traffic in the future. Basically, I just need to select my destination. To start, I tap the accelerator pedal. I remain responsible, but the car makes it easy. Starting, stopping, turning, signaling, overtaking, merging, turning around—the car handles all of that. The system manages complex scenarios in city traffic: intersections, traffic lights, construction sites, and roundabouts. Even when I steer myself, the system remains active. In China, this is available from this year. The US should follow next year, and as soon as regulations permit, we will also introduce the technology in Europe. In China, we are going a step further: in Beijing, we are already testing fully automated driving at Level 4. We are the first international manufacturer allowed to do so. Today's technology is the result of years of work in research and development. Already in the 1980s, we laid the foundations for automated driving with the Prometheus project. Now we are working on innovations of the future. Three small examples: we are working on a solar paint that is thinner than a human hair. It can be applied like paste to the bodywork, and on a midsize SUV, the paint could produce energy for up to 12,000 km per year under ideal conditions. That means even more range. A second example is the so-called in-drive brake. It is no longer located at the wheel but integrated into the electric motor-gear unit. The brake hardly wears out, does not rust, and is almost maintenance-free. In short, until the vehicle is scrapped, the brake remains intact. The third example is inspired by the unbeatable efficiency of the human brain. Efficiency is a key metric for electric cars, and it increasingly also concerns the energy consumption of digital applications. In neuromorphic computing, the functioning of the brain is emulated. This could reduce the energy demand for data processing in automated driving by up to 90%. Such innovations won't come into series production tomorrow, but perhaps the day after tomorrow. Groundbreaking technologies are the foundation for the biggest product fireworks in Mercedes-Benz's history. That is the third building block of a successful future for our company. We build the most desirable cars in the world. That is the claim in all segments in which we are present. A decisive factor is design. That has always been the case and will remain so. We recently introduced the Maybach SL and the AMG PureSpeed. Two new models with the potential to become classics. Next year, we will launch a new design language. It continues to evolve what has defined Mercedes for decades: sovereignty and timeless style. Whoever sees a Mercedes in the rearview mirror will immediately recognize it as a Mercedes, and the design will be consistent. In the future, the customer will first decide on a model and then on a drive. This CLA has an electric drive. I bet you wouldn't be able to tell the difference from the combustion-engine CLA. The new design is one piece of a comprehensive renewal. By 2027, we will present dozens of new vehicles. The debut is the new CLA. Since last week, it has been orderable in Europe. I have already spoken about range and efficiency. In terms of charging speed, we are approaching refueling. Since the start of my speech, the car could have recharged around 2,300 km. That is also an absolute top value in this class. This makes the CLA a benchmark for the next generation of vehicles, including in higher segments. The GLC is our bestseller; customers love it. We want to continue this success story with the electric variant. At the IAA in September, we will present the car. In 2026, the new GL will premiere. For the first time, we will produce a version with an extended wheelbase in China for China. The comfort in the rear will be unique. For decades, the S-Class has embodied elegance and engineering. It is the undisputed market leader in its category. We will strengthen this position. In 2026, a fundamentally revised S-Class will come to market. In 2027, we will bring the electric E-Class: drive, assistance systems, spaciousness, comfort. The electric E-Class will push the boundaries of the segment. We will massively upgrade the substance of our products, from drive efficiency to vehicle intelligence. At the same time, we are defining new segments. The latest example is the Vision V. Two weeks ago, we presented it in Shanghai. The Vision V shows how luxurious mobility should be. It is a private lounge on wheels—first class for the road. At the push of a button, the interior becomes a home theater, a workplace, or a karaoke bar. We see enormous potential for this car in Asia and also in other regions of the world. The Vision V is a concept car, but much of it will go into series production as early as next year. This requires the innovative strength of our engineers and the necessary financial strength. That is the fourth factor for a successful future of Mercedes-Benz. We currently invest around 14 billion euros per year in our locations and in development. We have to earn that money first. That's why we want to make our business even more resilient, and we have set up a comprehensive program called Next Level Performance. As part of the program, we want to optimally position ourselves towards customers, ensure an extraordinary brand experience, and further develop our strong culture. It also concerns our positioning in the world's most important market, China. In recent years, we have dominated the premium and luxury vehicle market in China. Even now, we are facing intense competition and are strengthening our commitment. We are bringing even more products tailored to the wishes of our Chinese customers. We will increasingly develop and produce locally. Next Level Performance is not just about saving money, but also about prioritizing investments and increasing efficiency. For the German locations, management and works council have agreed on a balanced package. With these measures, we will become more competitive. Based on this, we have extended job security in Germany until the end of 2034. But everyone knows: the best job security is great cars at competitive costs. Then Mercedes-Benz remains an attractive investment for shareholders. That is my fifth point. Between 2019 and 2024, we generated over 45 billion euros in cash flow. We share that with you as shareholders. For example, if you had invested 100 euros in the company in 2019—that was two Daimler shares at the time—adjusting for dividends, share buybacks, and additional shares from the Daimler Truck spin-off, that 100 euros doubled by the end of last year. And we stick to our policy. For 2024, we propose a dividend of 4.30 euros. That corresponds to a payout ratio of 41%. We remain committed to our capital allocation framework. However, share buybacks will be oriented towards the market environment. For that, we ask you, dear shareholders, today for renewed authorization. Ladies and gentlemen, the political weather is weighing on the global economy, financial markets, and companies, including us. Last week we presented quarterly results. We emphasized that the situation is extremely volatile. The further development remains unpredictable. We want to absorb such turbulence as best as possible. For example, we have long relied on local production—we want to build cars where they are sold. We will do that even more. At the same time, we will continue to advocate for free trade. Mercedes-Benz, like the entire automotive industry, has benefited from open markets. I have repeatedly spoken out for open markets, loudly and clearly, and I will continue to advocate for the interests of your company at all levels. A few months ago, I was elected President of the European Automobile Manufacturers' Association (ACEA). The office opens new opportunities to help shape policy. That applies to trade as well as competitiveness. We firmly stand by the goal of sustainable mobility. But for me, it is clear: in Europe, we need a realistic and technology-open path to decarbonize the auto industry—a path determined by the market, not by penalties. I want to help bring political goals and economic reality together. Germany must once again be the engine of Europe. That is my greatest wish for the new federal government, which has been in office since yesterday. Larger financial leeway can help boost the location, but competitiveness will not be strengthened by that alone. It requires structural reforms and ambitious industrial policy: lower energy prices, reduction of bureaucratic hurdles, a digitalization offensive, and more flexible labor market rules. Two weeks ago, Vice Chancellor Lars Klingbeil visited us in Sindelfingen. The commitment to the car and to Germany as an industrial location is important. Now actions must follow. Ladies and gentlemen, my speech has lasted 20 minutes. The annual report is 453 pages. But essentially, it is very simple: focus on customers, the most desirable cars, groundbreaking technologies, a profitable company, an attractive investment. That is what Mercedes is about. That is our promise. We want to deliver it. But our plan also has another, larger dimension. A short story to conclude. I receive a lot of mail, sometimes more, sometimes less enthusiastic, but this message really moved me. This is the Peregrini family from Merino Valley, California. On August 3, 2024, at 8 p.m., daughter Lea was out with a friend in the family's C-Class. Suddenly she lost control. She crashed into a guardrail. The car rolled over several times. The impact caused the vehicle to catch fire. The firewall kept the fire away from the passenger compartment. The side airbags formed a barrier against the broken glass. They were able to get out through the driver door. This is what the car looked like. The doctors at the hospital said that less than 10% of people would survive such an accident. Lea and her friend only had a few scratches. Her father John wrote to me: 'One could call it a miracle. But he would say that Mercedes-Benz's safety technology saved their lives. The Peregrinis are now loyal Mercedes customers forever. Recently, they picked up a new GLC.' For stories like this, we at Mercedes get up every day. For that, my colleagues give their best, and we are delighted that you accompany us. Thank you.
