Mercedes drives record sales for Daimler

• Record sales and profits in 2011
• Mercedes sales up by 11%
• Bad news for Eurozone market, though

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Daimler has revealed record sales and profits for 2011.

Net profits for the company – which owns Mercedes-Benz – were up by 29% to more than €6 billion (around £5 billion).

Mercedes was a major contributor to the boost in profits, with an increase in sales of 11% to 2.11million.

Daimler chief executive Dieter Zetsche said: 'We achieved our best-ever results in 2011 for unit sales. All of our divisions contributed to this success.'

Daimler is also predicting 2012 will be a bumper year for its sales.

However, it's not good news for the European market. The manufacturer believes the Eurozone debt crisis will keep the European market flat, while emerging markets will drive Daimler's growth.

Pete Barden