Thursday, 23 Apr 2020 09:41 AM MYT
NEW YORK, April 23 — Daimler AG said today it expected to report a near 70 per cent plunge in a key first-quarter earnings figure and 2020 industrial free cash flow to fall, as customers shunned Mercedes-Benz car showrooms amid the novel coronavirus pandemic. Earlier this month, rival luxury car maker BMW reported a 20.6 per cent drop in first-quarter sales and said it was expecting a further decline in global demand.
Daimler reported preliminary adjusted first-quarter earnings before interest and tax of €719 million , a 68.9 per cent fall from a year earlier. It also expects total unit sales and revenue for 2020 to be lower compared to last year.Across the Atlantic, Ford Motor Co estimated a loss of about US$2 billion for the first quarter, and had to raise US$8 billion from corporate debt investors to shore up its cash reserves.