Daimler Slashes 2019 Profit Forecast After Q2 Loss

Daimler slashes 2019 profit forecast after Q2 loss

German auto giant Daimler, maker of Mercedes-Benz, on Friday slashed its 2019 profit forecast for the second time in a few weeks, after booking a 1.6-billion-euro ($1.8-billion) operating loss in the second quarter

Frankfurt am Main, (UrduPoint / Pakistan Point News - 12th Jul, 2019 ) :German auto giant Daimler, maker of Mercedes-Benz, on Friday slashed its 2019 profit forecast for the second time in a few weeks, after booking a 1.6-billion-euro ($1.8-billion) operating loss in the second quarter.

Unforeseen events, including a mass recall over faulty airbags and government probes and legal cases related to the "dieselgate" emissions cheating scandal, prompted the company to set aside more cash in provisions and increase estimated costs for the year, Daimler said in a statement.

That meant the carmaker now expected to book an operating profit "significantly below" the 11.1 billion Euros booked in 2018.

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