New C-Class, smaller vehicles, stronger pricing help Daimler almost double Q1 profit

MarketsAssociated Press

German automaker Daimler AG says it nearly doubled net profit in the first quarter from a year ago, to 2.050 billion euros ($2.232 billion), thanks to strong demand for its Mercedes-Benz luxury cars across major markets.

The company on Tuesday credited its investment in renewing its model line, including a new C-Class and an expanded range of smaller vehicles.

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It saw strong Mercedes sales increases in the U.S., China, Japan, Western Europe, and Britain, as well as the ability to command stronger prices from customers. The Mercedes brand grew sales by 18 percent to 459,700 vehicles, a record for the first quarter.

Group revenue rose 16 percent to 34.2 billion, boosted by shifting currency exchange rates.