The German automobile concern Daimler reported a pre-tax profit and interest rate (EBIT) of EUR 3.07 billion (CZK 83.9 billion) in the third quarter due to an unexpectedly rapid market recovery, significantly exceeding analysts’ estimates.
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Daimler expects a solid result in the last quarter, provided that it does not see further area quarantines. In the previous two quarters, the automaker had an operating loss due to the effects of the covid-19 disease pandemic.
Analysts in the Refinitiv survey expected Daimler to have a pre-tax profit and interest of 2.14 billion euros. In the second quarter, the company had an operating loss of 1.68 billion euros.
In response to the losses, the Mercedes-Benz division in the United States stopped production of sedans and focused on more profitable sport utility vehicles (SUVs), merged with Volvo Trucks in the development of electric motors, and halted the automation development alliance with BMW.
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Daimler said this month that Mercedes-Benz will change its strategy by 2025, reducing fixed costs, investment and R&D spending by a fifth. Mercedes-Benz wants to abandon its sales-oriented strategy for decades and focus on the industry’s most profitable segments, the limousines and SUVs.
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