Daimler has fourth-quarter loss | detnews.com | The Detroit News
BERLIN -- German automaker Daimler AG on Tuesday reported a 1.53 billion euros $1.93 billion fourth-quarter loss and warned that sales of its marquee Mercedes-Benz cars would decline through 2009 because of the economic meltdown's pinch on the automotive industry. The loss for the Stuttgart-based maker of Mercedes-Benz, Smart and Maybach compares to a profit of 1.7 billion euros a year earlier. Sales slid 12 percent, to euro23.2 billion compared with euro26.5 billion a year earlier as the number of...

Daimler has quarterly loss of $1.95 billion | detnews.com | The Detroit News
BERLIN -- German automaker Daimler AG on Tuesday reported a euro1.53 billion $1.95 billion fourth-quarter loss -- its first in two years -- and warned that sales of its marquee Mercedes-Benz cars would decline through 2009 because of the economic meltdown's pinch on the automotive industry. The loss for the Stuttgart-based maker of Mercedes-Benz, Smart and Maybach compared to a profit of euro1.7 billion a year earlier. The final figure was dragged down by losses and charges at Chrysler LLC, of which...

Daimler Says Cerebrus Makes Ransom Demands Over Remaining Stake
Cerberus Capital Management’s efforts to acquire the final 19.9% stake in Chrysler from Daimler AG have hit a snag.Daimler issued a statement this morning saying the negotiations “have been made considerably more difficult during the last weeks due to exaggerated demands by Cerberus.”The rare public statement by an automaker engaged in such talks does not bode well. Today, Daimler said Cerberus’ demands exceed the value of Cerberus’ original investment in Chrysler -- $7.2...

Daimler trucks won't cut German production hours | The Detroit News | detnews.com
STUTTGART, Germany -- The head of Daimler AG's truck business said it does not plan to cut working hours at its German plants in the immediate future, despite the economic downturn, but would not rule out further savings in the United States. Andreas Renschler told The Associated Press on Monday that the truck business isn't reducing its work week now for employees "and the way things look now, it won't come in the first half of 2009." The company is planning to cut back most of its part-time help by...

Tesla to partner with Daimler
Tesla has reportedly signed a technology deal with Daimler according to latest comments from the electric car company’s Chairman Elon Musk. The new deal is in its early stages but according to the Tesla exec it could potentially grow into something major. Elon Musk reportedly told Fox Business News that Tesla has a “small deal that could potentially lead to a very big deal.” Some of the possibilities include a new parts or technology sharing deal, joint-development of future vehicles, or even...

Daimler enters joint venture with India's Hero Group
FRANKFURT, Germany -- Daimler AG and India's Hero Group signed contracts Monday that will see them invest more than $1.1 billion in a commercial vehicle joint venture that should start production in India in 2010. Approval for the Daimler Hero Motor Corp. Ltd. was granted by India's government in March and a manufacturing site is being sought in one of three Indian states, the companies said in a statement. The joint venture will produce light-, medium- and heavy-duty commercial vehicles for the Indian...

Daimler to boost R&D spending to $21 billion by 2010
Daimler and its luxury Mercedes-Benz brand are renowned for being pioneers in the field of automotive technological developments. But being at the forefront of technology doesn’t come cheap and despite the high cost of investment Daimler intends to keep its reputation. In fact, the carmaker expects to spend more than $21 billion on research and development in coming years. Speaking at Daimler’s annual general meeting, CEO Dieter Zetsche explained that there are several different avenues worth...