(Source Wall Street Journal)
BERLIN -- Daimler AG Wednesday said it expected to report a significant first-quarter loss and that it had initiated cost-cutting and efficiency programs in all divisions in response to the downturn in world auto markets.
It added that it doesn't expect the recession to ease until the second half of this year at the earliest.
"Daimler intends to manage the crisis ... [by] rigid cost management, reduced labor costs and reduced working capital, as well as by maintaining financial flexibility and executing further efficiency programs," the German auto maker said in a statement ahead of its annual general meeting in Berlin.
In the first quarter, sales at the company's core Mercedes-Benz brand plummeted 25% from year-earlier period to 216,000 cars. Demand for trucks has virtually collapsed in recent weeks because of the economic downturn. Daimler's truck division is the world's largest producer of commercial vehicles by sales. Read Article...
http://online.wsj.com/article/SB123917438316000505.html
The Annual Report 2008. Download PDFhttp://www.daimler.com/Projects/c2c/channel/documents/1677323_DAI_2008_Annual_Report.pdf
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