FRANKFURT — Daimler stated on Thursday a powerful fourth quarter aided it post far better-than-envisioned 2020 group operating financial gain and that it was optimistic for 2021.

The Stuttgart-based maker of Mercedes-Benz vehicles and trucks warned, even so, that existing shortages in semiconductors and COVID-19 disruptions would almost certainly influence the 1st quarter.

Thanks to price savings and a more rapidly-than-anticipated recovery in the auto sector, team earnings before interest and taxes (EBIT) for 2020 came to 6.60 billion euros ($8 billion), previously mentioned consensus projections of 5.25 billion euros, the carmaker reported, citing preliminary figures. That is up 52% from 4.329 billion euros for 2019.

“Supplied the improvement of thriving price willpower continued in the fourth quarter and expected excellent underlying demand from customers, Daimler also anticipates a good company improvement in 2021,” the corporation mentioned.

Volkswagen, by distinction, reported last week that 2020 revenue just about halved due to the pandemic, even though BMW stated it exceeded anticipations by some metrics.

Daimler, like its opponents, has faced a bottleneck in the semiconductors right after chip makers before in the coronavirus crisis shifted manufacturing away from the difficult-hit vehicle sector to provide other regions, like buyer electronics.

The auto recovery has left organizations like Daimler in quick offer of the crucial elements, leading to them to halt or slow creation.

Daimler will publish total fourth-quarter figures and additional thorough 2021 steerage on Feb. 18.