BERLIN—Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year.
The German automaker said it now expected group earnings to rise at least 15 percent this year, compared with a previous forecast of 5 percent–15 percent growth, after profits at its cars division almost tripled in the third quarter from pre-pandemic levels.
Pent-up demand in Europe and a high order backlog would carry the company into next year, chief financial officer Harald Wilhelm said, adding it would prioritize bringing down inventory in the fourth quarter. The company forecast a slight increase in fourth-quarter sales from a year earlier….