German auto manufacturer Daimler AG reported sales of 728,600 cars and commercial vehicles in Q1, up 13pc from the prior year quarter on the back of global economic recovery. Tailwinds in China supported the company’s performance in Q1.
The company expects conditions of its important markets to gradually normalize as COVID-19 vaccine rollouts have gained momemtum. Shortage of semiconductors affected sales in the first quarter, noted the company and is likely to impact the company in Q2 as well. Recovery will be seen in the third and fourth quarter, stated a release by Daimler.
Sales by Mercedes-Benz Cars and Vans division rose 15pc to 627,300 units in Q1 from the year prior. Mercedes-Benz car sales was reported at 538,900 units, up 15pc from the prior-year quarter. Mercedes-Benz Vans’ sales rose 16pc to 88,400 vehicles from Q1 2020. Daimler Trucks and Busses division sold 101,300 units, up 4pc from the prior year period.
The company announced that manufacturing operations at its two German plants — Bremen and Rastatt — will be temporarily halted for seven days from April 23 on the back of semiconductor shortage.