Mercedes published preliminary Q1 23 results beating expectations on the margin and industrial free cash flow as pricing remained strong, volume rebounded (especially in the Vans unit) and the product mix continued to grow in line with the groups’ premiumization strategy. Today’s good print from Mercedes adds little to Renault’s report yesterday in terms of answering investor concerns about the risk of a price war. While we do not expect an upgrade to the group’s FY23 guidance, the Q1 figures un ....