Daimler says 2021 off to strong start, to speed up electrification

FILE PHOTO: The Daimler logo is seen before the carmaker’s annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

LONDON (Reuters) – German carmaker Daimler AG said on Wednesday that it has got off to a good start in 2021 despite a global shortage of semiconductor chips, and it plans to speed up the shift to electric cars in its model lineup.

The company said it still expects 2021 to be a significantly better year for revenue, and pre-tax profits than 2020.

“After a good start with a tailwind from last year, Daimler is confident about the current financial year,” the company said in a statement.

The carmaker said preparations are underway for the planned listing of Daimler Trucks, its truck making unit, and it should be completed by the end of 2021.

The carmaker said it plans to speed up the electrification of its product range, but did not provide specifics.

In 2019, Daimler said it expects plug-in hybrids or all-electric vehicles to make up more than 50% of its car sales by 2030.

“We want to accelerate the electrification of our product portfolio,” Chief Executive Ola Källenius said in a statement. “It’s our goal to reach this target sooner.”

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