Mercedes-Benz on Thursday reported an adjusted return on sales in its car division of 12.6% for 2023, in line with its forecast, as inflation and supply chain-related costs ate into its profits.

The luxury carmaker raised its average price by 2% to 74,200 euros ($80,395.70) and increased spending on research and development for future technologies like its MB.OS platform.

Group earnings before interest and taxes fell to 19.7 billion euros from 20.5 billion euros last year despite a 2% rise in revenue. ($1 = 0.9229 euros) (Reporting by Victoria Waldersee Editing by Miranda Murray)