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FILE PHOTO: A Mercedes-Benz concept car "Vision URBANETIC" in front of the logo of Daimler AG at the annual press conference of the company in Stuttgart, Germany, on February 6, 2019. REUTERS / Michael Dalder / File Photo
FRANKFURT (Reuters) – Luxury car maker Daimler (DAIGn.DE) stated that cost reductions would be intensified as a result of the legal risks badociated with diesel-related problems and that the cost of replacing the Takata airbags resulted in a loss of 1.56 billion euros (1.74 euros). billion) before interest and taxes.
The German company said that non-recurring expenses of 4.2 billion euros contributed to the operating loss of the quarter, compared to 2.6 billion in the same period last year.
"In general, we are intensifying performance programs across the group and revising our product portfolio to preserve future success," Chief Executive Ola Kaellenius said in a statement on Wednesday.
Earlier this month, the Stuttgart-based automaker announced its earnings in a fourth profit warning in 13 months, saying its group's EBIT for 2019 would be "significantly" lower than last year's .
Report by Edward Taylor, edited by Riham Alkousaa
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