Mercedes-Benz Group said its preliminary 2021 earnings beat guidance after rising vehicle prices helped the luxury automaker claw its way back from an autumn low point in the global chip crisis.
The company said Friday that adjusted returns on sales at its cars and vans segment were 12.7 percent, exceeding guidance of 10 to 12 percent.
Strong new and used vehicle pricing helped achieve the result, the company said. Mercedes is due to report full-year results on Feb. 24.
Mercedes-Benz, which is the new name for Daimler's passenger car and van operations after the spinoff in December of commercial vehicles into Daimler Truck, said adjusted earnings before interest and taxes were about 14 billion euros ($16 billion) for the full year.