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Daimler: confident as profit rises despite Covid

( - Daimler said its 2020 results were "significantly better-than-expected," despite the Covid-19 crisis, and said that it expects sales and profit in 2021 to be above last year's levels.

The German auto giant said sales of passenger cars and commercial vehicles dropped by 15% in the past year, to 2.84 million units, pushing revenue down 11% to 154.3 billion euros.

However, thanks to cost cutting measures, cash preservation measures and strong performances across all its businesses, its EBIT increased by 53% to 6.6 billion euros, the company said. Meanwhile, net profit increased by 48% to 4 billion euros.

The company also expressed optimism regarding 2021.

"We are confident that we can maintain positive momentum if current market conditions prevail, accelerating our strategic plans and further enhancing our financial robustness," said CEO said Ola Kallenius.

Daimler - which plans to spin-off and list its truck unit on the Frankfurt stock exchange before the end of the year - said that in 2021 it expects sales, revenues and EBIT to be significantly above the previous year's level.

Its shares were up 1.6% after the report.

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