Berlin, Germany – Mercedes-Benz said Friday its net profits rose by 12 percent in the first quarter to 4.0 billion euros, buoyed by demand for its vans and priciest premium cars.
The German automaker said its revenues were up eight percent compared to the same period last year, reaching 37.5 billion euros, despite supply chain disruptions.
Sales in its top-end car range which includes the Mercedes-Maybach shot up by 18 percent to 91,772 units, pulling up the carmaker’s bottom line.
Its vans division also reported a jump of 25 percent in revenues.
“Our focus on top-end cars and premium vans has made Mercedes-Benz more weatherproof, allowing us to accelerate our digital and electric transformation –- even in a period of economic uncertainty,” said Harald Wilhelm, chief financial officer of the group.
The group said recent turbulence in the banking sector in the US and Europe were new uncertainties weighing on its outlook but energy prices are expected to be less volatile.
In addition, global supply bottlenecks are expected to ease further.
The strong demand for its vans led it to raise its profitability outlook to 11-13 percent from 9-11 percent previously.
On cars, the comparative target is seen to reach the upper end of 12-14 percent, it said.