Mercedes-Benz thrid-quarter margins rebound on China boost

Strong demand for luxury cars in China in the third quarter helped turn around margins at Daimler's Mercedes-Benz cars division despite an overall fall in deliveries due to the COVID-19 pandemic, the carmaker said on Friday.

FILE PHOTO: The Mercedes-Benz logo is seen near the Daimler headquarters, as the spread of the coronavirus disease continues in Stuttgart, Germany, April 22, 2020. REUTERS/Andreas Gebert/File PhotoFRANKFURT: Strong demand for luxury cars in China in the third quarter helped turn around margins at Daimler's Mercedes-Benz cars division despite an overall fall in deliveries due to the COVID-19 pandemic, the carmaker said on Friday.

The adjusted return on sales at Mercedes-Benz Cars & Vans rose to 9.4per cent in the quarter, up from 7per cent a year earlier and above the minus 1.5per cent margin Daimler posted in the second quarter.Daimler said its adjusted earnings before interest and taxes rose to 3.479 billion euros in the quarter, up from 3.14 billion euros in the year-earlier period.

The carmaker added it expected full-year EBIT to reach prior-year levels, and reiterated it expects group unit sales and revenue in 2020 to be significantly lower than the prior year.

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