Mercedes-Benz net profit crashes in Ukraine war, rising costs

BERLIN — Mercedes-Benz Group AG, the German luxury carmaker, saw its net profit fall by almost a fifth in the first three months of the year due to higher costs, including costs of suspending business in Russia in the wake of the war in Ukraine.

The Stuttgart-based carmaker of Mercedes-Benz branded cars and vans said Wednesday that business will be affected throughout the year by the continuing shortage of semiconductors, rising commodity prices, continued disruption of the Covid-19 pandemic, particularly in China, and new volatility in supply chains from the war.

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