With Mercedes-Benz capturing the crown as the world’s best-selling luxury car brand last year, parent Daimler AG now has another reason to celebrate.
The German company saw its fourth-quarter net earnings surge by 18%, to 2.2 billion euros, or $2.4 billion, up from 1.9 billion euros the year before. For the full year, Daimler reported a profit of 8.7 billion euros, or $9.4 billion, a slight year-over-year improvement.
The upturn demonstrated that Daimler is on track as it broadens its scope with new technologies and new lines of business, declared CEO Dieter Zetsche. “Those who wish to shape the future of the automobile at the forefront of the automotive industry need both financial strength and innovative skill,” Zetsche said in a statement. “In 2016, we demonstrated that the combination of these two factors at Daimler is stronger now than ever before.”