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Despite chip shortage, Daimler AG achieves good third quarter results

Despite chip shortage, Daimler AG achieves good third quarter results

Daimler AG, a global supplier of premium cars and commercial vehicles, reported on Friday a higher quarterly profit than in the third quarter of 2020.

 

The shortage of electronic chips, used in cars for brake sensors and power steering, has led carmakers around the world to reduce or suspend production. Daimler said it had “tightly controlled” costs in the third quarter by focusing on more profitable models, including its Maybach and AMG brands.

 

On a year-over-year basis, the company posted a nearly 19 percent increase in net profit to 2.57 billion euros, while its adjusted operating profit rose 4 percent to 3.61 billion euros.

 

In the third quarter, the automaker sold only 577,800 cars, down 25% from 2020. But the company’s revenue, meanwhile, remained stable, down slightly to 40.1 billion euros from 40.3 billion in the third quarter of 2020.

 

We are on track to achieve our full-year targets thanks to a more robust business, which is reflected in an increase in EBIT despite a challenging environment. At the same time, we made substantial progress on our strategic program: we continued the rollout of highly desirable electric vehicles (…) and obtained shareholder approval for the creation of two wholly owned companies.” said Harald Wilhelm, CFO of Daimler AG.

See Also

 

Read also > SHAREHOLDERS DECIDE ON THE DEMERGER OF DAIMLER

 

Featured photo : © Daimler AG

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