European markets inch higher ahead of euro zone inflation, GDP data

German luxury carmaker Mercedes-Benz posted a 30% annual drop in first-quarter earnings before interest and tax to 3.863 billion euros on Tuesday, coming in below a LSEG projection of 3.87 billion euros for the period. Total unit sales at the group's Mercedes-Benz cars division declined by 8% to 462,978 units, with the company attributing the fall to model changes and supply chain bottlenecks in the Chinese market.

'Current supply bottlenecks are on the way to easing in regard to the GLC and E-Class, with further improvements expected,' the company said in its outlook disclosures. 'Sales levels in the first quarter are seen as the trough, with second quarter volumes expected to be better.' Sales at the Mercedes-Benz Vans division meanwhile increased by 7% year-on-year to 105,425 vehicles in the first three months of the year, in what the company said was a new record for the first quarter.

Source: News Formal (newsformal.com)

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