Despite a difficult year for auto manufacturers, Daimler, the parent company of Mercedes Benz, defied expectations and posted a $4.8 billion profit for 2020.

It's the latest European auto company, following Jaguar and Volkswagen, to report positive earnings for the previous year as many corporations struggle to stay out of the red.

Analysts had anticipated that coronavirus lockdowns, production delays and a shortage of semiconductor chips would hurt the world's oldest car company.

"Very quickly, we changed the way we work to keep the business going," CEO Ola Kallenius told investors on Thursday.

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