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Daimler Q3 posts higher profit despite chip shortage

Daimler AG (DAIGn.DE) on Friday reported a higher quarterly net profit despite a global semiconductor chip shortage that has pummeled the auto industry, as it focused on higher-margin cars and cost cutting.

The German premium carmaker posted a quarterly operating profit of 2.6 billion euros ($3 billion), up 18% from 2.2 billion euros for the same period in 2020. The company’s revenue was almost flat at 40.1 billion euros versus 40.3 billion in the third quarter of 2020.

($1 = 0.8573 euros)

Reporting By Nick Carey Editing by Riham Alkousaa