LONDON, Oct 29 (Reuters) – Daimler AG 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)