Two German Automakers Report Mixed Earnings
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Germany, with its high costs and reluctant consumers, has become a drag on the country's two largest carmakers, DaimlerChrysler and Volkswagen.
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German carmaker Daimler AG generated third-quarter earnings before interest and tax (EBIT) of 1.89 billion euros ($2.69 billion), just ahead of market expectations, as profits continued to rebound at its Mercedes-Benz Cars division.
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Outraged workers in Germany refuse to resume production as automaker seeks to save $623.8Ma year. FRANKFURT, Germany  - General Motors management started negotiations with union leaders Monday over
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Automaking giant DaimlerChrysler AG said Thursday it earned nearly $1.2 billion US in the third quarter on good performances from its financial services division and its US Chrysler arm, rebounding from a big loss a year ago when it had a
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German-US car giant DaimlerChrysler said that it was able to lift overall vehicle sales last year, thanks to the strong performance of its Chrysler and Smart cars, while sales of its prestigious Mercedes brand declined.
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Automaker posts third-quarter net income up 7.5%, but strengthening yen and discouraging outlook for U.S. economy temper sales forecasts for the year to come.
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General Motors Corp., the world's biggest automaker, said Wednesday its net income fell 37 percent in the fourth quarter, led downward in part by continued struggles at its European operations. But the results beat Wall Street expectations and its shares rose nearly 2 percent.
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DaimlerChrysler's DCXGn.DE  third-quarter operating profit rose 7 percent, just below  analyst expectations, as gains at U.S. arm Chrysler helped  offset weaker earnings at premium carmaker Mercedes.
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German premium carmaker BMW reported a smaller-than-expected 7.6 percent rise in third-quarter pretax profit Wednesday, but reaffirmed its forecast for record revenue, earnings and car sales in 2004.
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Caught off guard by the success of Toyota&#39;s hybrid Prius model, German carmakers are racing to catch-up. DaimlerChrysler and GM announced plans on Monday to jointly produce hybrid technology for their cars and trucks.
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Automaker DaimlerChrysler AG said Wednesday its overall profit fell 14 percent in the second quarter, but that profits rose from its Chrysler Group and the related financial services business in North America.
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DaimlerChrysler enjoys growth in worldwide sales but its luxury car division Mercedes-Benz suffers a slump in profits.
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U.S automakers face a widening gap in profitability per vehicle compared to their major Japanese rivals because of missed design opportunities, heavy discounting and high labor costs, a study released on Monday said.
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Volkswagen AG, Europe&#39;s largest carmaker, had a seventh consecutive decline in quarterly profit on higher sales incentives and the strength of the euro versus the dollar.
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Volkswagen AG and DaimlerChrysler AG led a decline in Western European car sales in August as rising unemployment in Germany crimped consumer demand.
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DaimlerChrysler AG reported third quarter profits of almost 1 billion euros on Thursday, rebounding from a year-earlier loss, thanks to a strong performance from a Chrysler division rejuvenated by new models like the 300C sedan and Dodge Magnum wagon.
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The nation's two biggest automakers, General Motors Corp. and Ford Motor Co. , reported soft sales in January while DaimlerChrysler AG's Chrysler Group and Japan's Toyota and Nissan reported healthy gains in their US sales.