Despite the slump in sales due to the chip crisis, Daimler increased profits in the third quarter.

The operating result adjusted for special effects climbed by four percent to 3.6 billion euros, as the Stuttgart-based automaker announced on Friday.

Although sales of cars and trucks fell by 25 percent, sales from July to September of 40.1 billion euros were almost at the previous year's level.

"We are staying on course to achieve our goals for the year as a whole," said CFO Harald Wilhelm.

Sales and operating profit are expected to be significantly higher than the previous year in 2021.

A more favorable product mix and high price stability would have helped to partially offset semiconductor-related supply bottlenecks and higher raw material prices.

The supply of semiconductors will improve in the fourth quarter, but there will still be a shortage in the coming year.

Fewer vehicles sold

The shortage of chips as a result of the corona pandemic led to production breaks at Daimler, as at other car manufacturers, which reduced supply.

Mercedes-Benz Cars and Vans sold 471,404 vehicles, 30 percent less than in the same period of the previous year.

Mercedes has therefore lowered its passenger car sales forecast to a slight decline compared to the previous year, while van sales are expected to remain stable.

"The demand for all products remains strong in all markets," said Daimler.

This enabled the brand with the star to have “high price stability”.

Another profit maker is the new edition of the particularly profitable Mercedes S-Class luxury sedan.

In addition, the group has reduced costs.

The adjusted return on sales was 8.5 percent, almost one percentage point lower than a year earlier.

At the subsidiary Daimler Trucks & Buses, which is about to go public, the adjusted operating profit dropped by 19 percent to 489 million euros, although sales and sales rose in the single digits.

Higher raw material costs could only have been partially offset by higher prices.

In the case of Daimler shares, dealers expected profit-taking after the stock had risen by more than 20 percent in the past few weeks.