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Automaker Daimler Loses $1.3 Billion on Diesel, Air Bag Woes

Automaker Daimler Loses $1.3 Billion on Diesel, Air Bag Woes

Wednesday, 24 July 2019 02:38 AM

FRANKFURT, Germany (AP) — Daimler AG, maker of Mercedes-Benz cars, says it lost 1.2 billion euros ($1.3 billion) in the second quarter as the company saw 4.2 billion euros in one-time charges for troubles with diesel cars and air bag recalls.

The quarterly loss reported Wednesday was the company's first since 2009 and a bumpy start for new CEO Ola Kallenius, who took over from Dieter Zetsche on May 22 and since then has had to issue two profit warnings.

The company is under investigation in Germany and the U.S. and faces U.S. civil lawsuits in connection with its cars' diesel emissions. It also is facing expenses for recalling cars with faulty air bags from supplier Takata, losses suffered by other automakers, too.

The company said it expected "significant improvement" in the second half.

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Daimler AG, maker of Mercedes-Benz cars, says it lost 1.2 billion euros ($1.3 billion) in the second quarter as the company saw 4.2 billion euros in one-time charges for troubles with diesel cars and air bag recalls.The quarterly loss reported Wednesday was the company's...
APFN,EU,Germany,Earns,Daimler
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2019-38-24
Wednesday, 24 July 2019 02:38 AM
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