Mercedes Steering Chips to $109,000 S-Class Fuels Earnings Gains
- Profit stays on track to rise significantly despite sales drop
- Robust economic conditions to drive strong vehicle demand
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Daimler AG navigated its toughest quarter yet with regard to scarce semiconductor supply by prioritizing its most lucrative models, keeping earnings on track to grow this year even as vehicle sales slump.
Group earnings before interest and tax will be significantly higher compared to a year ago, the Mercedes-Benz maker reiterated Friday. While vehicle sales plunged by roughly a third last quarter, the manufacturer expanded deliveries of the new S-Class sedan that starts at roughly 93,400 euros ($109,000) in Germany.