Daimler Projects ‘Significant’ 1Q Loss
German carmaker Daimler AG announced yesterday that it would post a “significant” loss for the first quarter.
Daimler cited declining truck sales in Europe and the U.S. as the primary reasons for its poor first-quarter performance. While Daimler still maintains a 19% stake in Chrysler, it had written down the value of that investment to zero last year.
Daimler’s assessment of the global economy indicates that a recovery will not begin until the second half of 2009, at the earliest.
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