{"id":38802,"date":"2011-04-29T15:02:34","date_gmt":"2011-04-29T19:02:34","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=38802"},"modified":"2011-04-29T15:02:34","modified_gmt":"2011-04-29T19:02:34","slug":"daimler-earnings-double","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2011\/04\/daimler-earnings-double\/","title":{"rendered":"Daimler Earnings Double"},"content":{"rendered":"
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Daimler CEO Dieter Zetsche forecasts big increases in demand for Mercedes-Benz, especially in China.<\/figcaption><\/figure>\n

Daimler AG\u2019s first-quarter net profit nearly doubled to $1.65 billion, revenue increasing by 17% on stronger sales across the company\u2019s business lines \u2013 which, in turn, prompted a prediction of record sales for Mercedes-Benz passenger cars this year.<\/p>\n

\u201cWe achieved excellent earnings in the first quarter. This puts us well ahead of our planning and confirms our positive outlook for the year 2011,\u201d Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, said in a statement Friday.<\/p>\n

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Subscribe Now - It's Free!<\/figcaption><\/figure>\n

Insisting the company is \u201con the right track,\u201d Zetsche said Daimler is counting on delighting customers w with new product, \u201ccontinuous innovation and new technologies\u201d in order to \u201ccontinue our profitable growth.\u201d<\/p>\n

Revenues climbed to $34.7 billion, largely reflecting a 12% increase in unit sales in the first quarter to 310,700 vehicles.<\/p>\n

Zetsche added the very positive development of earnings reflected the ongoing upward trend in nearly all the Daimler Group\u2019s divisions. Mercedes-Benz\u00a0Cars, Daimler Trucks and Mercedes-Benz Vans all increased their unit sales compared with the prior-year period in all major regions. Especially in China, the Mercedes-Benz Cars division was able to significantly increase its demand, the CEO said.<\/p>\n

China is now the world\u2019s largest automotive market and demand has been particularly strong in the luxury segment, though sales are also showing significant growth in mid-market segments and among makers targeting first-time buyers in the country\u2019s second and third-tier cities.<\/p>\n

With the U.S. market recovering and China expected to continue growing at a torrid pace, Mercedes-Benz Cars assumes that the tri-star brand will increase its unit sales to a new record of more than 1.2 million cars in 2011.<\/p>\n

Meanwhile, Daimler Trucks posted a 27% increase in unit sales in the first quarter and Mercedes-Benz Vans increased its unit sales by 16% when measured against the first quarter of 2010.<\/p>\n

Daimler Financial Services also profited in particular from lower cost of risk.<\/p>\n

Following an already substantial increase in 2010, Daimler expects its total revenues to continue to grow in 2011, the maker said in a statement.<\/p>\n

That growth will probably be\u00a0driven by all the automotive divisions. On the basis of the divisions\u2019 planning, Daimler anticipates a significant increase in total unit sales.<\/p>\n

Based on current estimates, the Daimler Group expects to post\u00a0significantly higher EBIT \u2013 or Earnings Before Interest and Taxes — from its ongoing business in 2011 than in 2010.\u00a0 Developments in the first quarter have shown that Daimler continues to make good progress toward the targeted rates of return that it intends to\u00a0 achieve on a sustained basis as of the year 2013, the maker said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Daimler earnings doubled during the first quarter, and with demand booming in China and bouncing back in the U.S., CEO Dieter Zetsche is forecasting record 2011 sales for Mercedes-Benz. More from TheDetroitBureau.com.<\/p>\n","protected":false},"author":20009,"featured_media":31424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[8],"tags":[],"make":[],"post-state":[],"category_old":[151],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/38802"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/20009"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=38802"}],"version-history":[{"count":0,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/38802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/31424"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=38802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=38802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=38802"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=38802"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=38802"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=38802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}