Big losses reported by Daimler and Nissan
Carmakers Daimler and Nissan have reported big losses in the face of continuing declines in global vehicles sales. Daimler, the owner of Mercedes-Benz, made a net loss of 1bn euros in the April to June quarter. eanwhile, Nissan’s quarterly loss totalled 16.5bn yen ($170m; £104m).
Honda also reported results on Wednesday. Although it avoided a quarterly loss, its profits fell 96%.
Daimler’s 1bn euros quarterly net loss compares with a profit of 1.3bn euros made in the same period a year earlier.
The firm, which makes buses and lorries in addition to cars, saw group-wide sales fall 25% to 19.6bn euros.
Sales of its Mercedes-Benz cars were down 19% from a year before.
Daimler is also continuing to be hit by the expense of giving up its former 19.9% stake in Chrysler, which saw it write off Chrysler’s outstanding loans, and agree to pay $200m (£122m) a year into the firm’s pension fund.
It said its continuing exposure to Chrysler cost it 387m euros during the quarter.
Nissan’s loss for the April to June period compares with a profit of 52.8bn yen a year earlier. Its revenues were down 36%.
Honda’s quarterly profit, also for the April to June quarter, was 7.6bn yen, down from 173.4bn yen last year. Its revenues were 30% lower.
Koichi Kondo, Honda’s executive vice president, said conditions in the global car market remained “extremely severe”.
However, the company does now predict a slow recovery in the marketplace, and has upgraded its annual profits forecast as a result.
Honda now expects to make a net profit of 55bn yen for its financial year to 31 March 2010. Three months ago it had forecast an annual profit of 40bn yen.
Get a CAP Used Car Valuation for just £3.50 - What The Professionals Use
The Motor Trade Insider Guide To Buying New Cars
Search terms for the article:
- Italian car manufacturer Fiat has revealed it made a loss of 25m euros (£21.7m; $33.4m) for the first quarter of [...]...
- It has been announced that German carmaker Daimler is to give Renault and Nissan, who have been in an alliance [...]...
- Toyota, the world’s biggest carmaker, made a loss of 77.8bn yen ($818m; £483m) in the three months to the end [...]...
- BBC News reports that German carmaker Daimler has reached a deal to give up its 19.9% stake in Chrysler, the [...]...
- Automotive News Europe reveals Fiat Group Automobiles are reporting a lower-than-expected first quarter loss today. The company swung to a [...]...
- Daimler, which makes Mercedes Benz cars, has sold a 9.1% stake to an Abu Dhabi state investment fund. The fund, [...]...
![[Valid RSS]](http://www.motor-trade-insider.com/images/valid-rss.png "Validate my RSS feed")
Recent Comments