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Daimler Abandons 2013 Profit Forecast Due to Dismal European Market

April 28, 2013

Mercedes-Benz Cars' parent company, Daimler, announced that it would be abandoning the profit forecast it had initially set for 2013 because of the increasingly dismal market in Europe, which involves demand reaching something “around a 20-year low.' In 2012, Daimler posted  ?8.1 billion (around $10.5 billion) in operating profit. Given the current conditions, the German automaker is not confident about matching that figure for 2013. This is the case even with expectations of increased group revenue. Since the start of April, Daimler had already given indications that it had to reassess its profit forecasts because of the lackluster demand and discouraging sales figures across the region. Net profit for the quarter... Continue Reading »

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