Daimler raises outlook, says chip scarcity could impression Q2 gross sales By Reuters

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© Reuters. Auto Shanghai present in Shanghai

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By Nick Carey

LONDON (Reuters) -Mercedes-Benz automobile maker Daimler AG (DE:) on Friday raised its revenue outlook for 2021, however warned that the worldwide semiconductor chip scarcity could proceed to impression its gross sales within the second quarter.

Daimler (OTC:) mentioned that though “visibility is proscribed at current”, it assumes some restoration within the availability of chips within the second half of this yr.

However the German carmaker mentioned it nonetheless expects its working revenue this yr to be considerably above 2020 as the worldwide financial system recovers from the ravages of the coronavirus pandemic.

“After this promising begin, we’re very assured that we are able to sustain the tempo to enhance our margins on a sustainable foundation and on the similar time broaden our electrical automobile line-up,” Chief Monetary Officer Harald Wilhelm mentioned in a press release.

Final week Daimler unveiled the EQS, an electrical sedan constructed on a devoted electrical automobile platform, which is seen as a stable contender towards market chief Tesla (NASDAQ:) Inc as electrical automobile gross sales take off.

The chip scarcity has compelled numerous main automakers to curtail manufacturing, together with Basic Motors Co (NYSE:), Stellantis, Ford Motor (NYSE:) Co and Daimler’s German rival Volkswagen AG (OTC:).

Earlier this week, Daimler lower working hours for as much as 18,500 staff and mentioned it might briefly halt manufacturing at two vegetation in Germany as a result of chip scarcity.

Vehicles have change into more and more depending on chips for every part from pc administration of engines for higher gas financial system to driver-assistance options akin to emergency braking.

Daimler mentioned it now anticipated an adjusted margin from its Mercedes automobiles and van enterprise of between 10% and 12%, up from its earlier outlook of between 8% and 10%.

Final week, Daimler mentioned that hovering Chinese language demand for luxurious Mercedes-Benz automobiles and better costs drove a better-than-expected revenue within the first quarter.

Mercedes-Benz gross sales rose 60% in China within the first quarter. Unable to journey overseas, wealthier Chinese language customers have used their disposable earnings to splash out on luxurious gadgets.

This week rival BMW additionally mentioned that its first-quarter earnings obtained a powerful bounce from gross sales in China and stronger pricing.

Chinese language patrons additionally helped to show round 2020 for Daimler, BMW and Volkswagen (DE:), with gross sales rising within the second half of the yr and offsetting weaker ends in different areas.

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