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Car manufacturer makes surprisingly high profits

Things are looking up at Daimler: The German car manufacturer with the brands Mercedes-Benz and Smart made a surprisingly high profit in the third quarter. The outlook is good for the rest of the year as well.

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The car manufacturer Daimler did much better than expected in the third quarter. The market has recovered faster than expected, especially in September business developed strongly, the group announced on Thursday evening.

The strict cost discipline and the other measures to increase efficiency also had an effect. Positive effects are also expected for the rest of the year – provided there are no further corona lockdowns.

The consequences of this had pulled Daimler deep into the red in the second quarter. For the third quarter, according to preliminary figures, earnings before interest and taxes of 3.07 billion euros are now on the books, which is even more than in the same quarter of the previous year. At that time it was just under 2.7 billion euros. Analysts had expected almost two billion euros.

Daimler wants to focus on luxury cars

Daimler will present the final figures on Friday next week – together with an updated forecast for 2020 as a whole, as the company announced.

CEO Ola Källenius is continuing to work on the strategy: He wants to focus completely on electric cars and also more on luxury and the upper ends of the segments where more money can be made per car.

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