Mercedes-Benz doubles net profit in Q3

FRANKFURT: German luxury carmaker Mercedes-Benz said Wednesday its net profits in the third quarter doubled year-on-year, to almost four billion euros ($4 billion), driven by better sales in China.

Despite continued problems with supply chains, the company saw revenues increase by 19 percent, to 37.7 billion euros.

Incentives from the Chinese government to encourage people to buy cars helped to boost car sales in the company’s biggest market, Mercedes said.

The group’s vehicle sales in China — its biggest market — rose to 222,600 in the third quarter, an increase of almost 70 percent on the same period a year earlier.

In contrast, the group sold just 146,100 vehicles in Europe, it said.