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Business

Daimler posts record sales and profits

German luxury carmaker Daimler has reported record figures for sales, revenue and profit margins in the first quarter on the back of new models. The company expects worldwide demand for cars to grow in 2015.

Daimler announced Tuesday that its first-quarter sales leapt 13 percent to 641,600 cars and commercial vehicles, while revenue rose to 34.2 billion euros ($37 billion) - a 16 percent jump from the same period last year.

At the same time, the Stuttgart-based company's net profit almost doubled to 2.05 billion euros, from 1.086 billion euros a year ago. The group's flagship Mercedes-Benz Cars primarily contributed to the increase in earnings.

"We made a very good start to the year 2015 and continued along our successful path with record levels of unit sales, revenue and EBIT in the first quarter," Chief Executive Dieter Zetsche said in a statement.

"Our growth strategy, our product offensives and our efficiency programs are paying off. We have already achieved a lot, we look to the future with great confidence, and we aim to achieve even more," he added.

Growing demand

The company saw strong Mercedes sales increases in many major markets ranging from the United States, Western Europe, China and Japan.

The carmaker projects worldwide demand for cars to increase by about 3 percent in 2015. Demand in China, the world's biggest car market, and the US is set to grow significantly, while Western Europe is expected to see an ongoing demand revival, Daimler said.

The carmaker noted that the picture for the major emerging markets remains varied in 2015; with expectations of a recovery of demand in the Indian market, and a drastic fall in car sales in Russia on account of the country's severe economic crisis.

The company also projects a significant increase in the group's revenue in 2015, driven by strong growth in Asia and North America.

sri/uhe (dpa, Reuters, AP)

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