Daimler finds car market unresponsive

Cleveland News.Net
Thursday 24th July, 2008

German car maker Daimler has cut its full-year profit forecast on Thursday owing to a recent deterioration in auto markets.

Seven billion euros is the current forecast, against the previous outlook slightly above the 2007 figure of 7.7 billion euros.

Daimler’s chairman Dieter Zetsche has acknowledged the company is not doing well in either Spain, the UK, South Africa or Japan.

Daimler’s fortunes have been marked by several major changes over the past year, including a charge of 373 million euros linked to Daimler's former US unit Chrysler.

Daimler also paid 640 million euros to raise its stake in the German auto parts maker Tognum.

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