Mercedes-Benz enjoyed a boost to its profit on the back of a successful quarter of sales.
The German car manufacturer shifted 590,999 passenger vehicles in the first quarter of the year, 220,520 of which were sold in China. As noted by Reuters, many individuals in China are splashing out on luxury items now that they can’t travel overseas due to ongoing border restrictions around the world.
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On the back of these figures, Daimler reported quarterly adjusted group earnings before interest and tax of €5 billion ($6 billion) in the first three months of 2021, up from €719 million ($860 million) a year prior. Analysts were expecting Daimler to report around €4 billion ($4.7 billion) in earnings.
“The headline numbers are an impressive beat even ahead of whisper numbers, but we think many investors were already positioned for a blow-out quarter,” wrote UBS analysts.
Daimler share prices increased by as much as 3.1 per cent on the back of the company’s successful first quarter and the unveiling of the all-electric EQS, hitting their highest level in over five years.
During the first quarter, Mercedes-Benz sold a grand total of 88,318 vehicles in North America, a 12.5 per cent increase from Q1 2020. Sales also rose by 1.8 per cent in Europe and as of early April, the car manufacturer had secured 20,000 orders for the all-electric EQA and more than 50,000 orders for the new S-Class.
