Soaring Chinese demand for luxury Mercedes-Benz cars and higher prices drove a better-than-expected profit for Daimler in the first quarter, helping it navigate the coronavirus crisis, APA reports citing Reuters.
Mercedes-Benz sales in China hit 220,520 vehicles in the quarter, a rise of 60%, and outmatched the German carmaker’s performance in Europe where they were up 1.8% to 192,302.
“Favourable sales momentum at Mercedes-Benz Cars driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter,” Daimler AG said in a statement on Friday.
This reflected a quickening of China’s economic recovery in the first quarter to record growth of 18.3% from last year’s deep coronavirus slump. Unable to travel, wealthier Chinese consumers have used their disposable income to splash out on luxury items