Daimler earnings plunge as coronavirus hammers vehicle sales, production

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The Mercedes-Benz logo is seen near the Daimler headquarters, as the spread of the coronavirus disease (COVID-19) continues in Stuttgart, Germany, April 22, 2020. REUTERS/Andreas Gebert

(Reuters) – German’s Daimler AG (DAIGn.DE) said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure, as demand for its Mercedes-Benz cars plunges amid the coronavirus pandemic.

The virus outbreak has pummeled vehicle sales and production globally, as governments impose tight restrictions on business activity and the movement of people to control its spread.

Daimler reported preliminary adjusted first-quarter earnings before interest and tax (EBIT) of 719 million euros, a 68.9% fall from the prior year.

Preliminary adjusted EBIT for Mercedes-Benz cars & vans fell over 56% to 603 million euros.

The company also said it expects total unit sales and revenue for 2020 to be lower compared to last year.

Reporting by Shubham Kalia and Uday Sampath in Bengaluru; Editing by Shounak Dasgupta

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