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Daimler Q3 posts higher profit despite chip shortage -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A view of the Daimler logo at the Daimler Annual Shareholder Meeting in Berlin (Germany), April 5, 2018, REUTERS/Hannibal Hanschke

LONDON, (Reuters) – Daimler AG (DE) reported Friday a greater quarterly net profit, despite the global shortage of semiconductor chips that has ravaged the industry. The company focuses on cost-cutting and higher-margin vehicles.

German premium car maker, German Premium Carmaker, reported a quarter-end operating profit in excess of 3 billion euro ($2.6 billion) compared to 2.2 million euros in the previous year. That’s an 18% increase over 2020’s 2.2billion euros. Revenue was nearly flat at 40.1 million euros, compared to 40.3 billion for the same period in 2020.

($1 = 0.8573 euros)

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