DAI.F - Daimler AG

Frankfurt - Frankfurt Delayed price. Currency in EUR
27.61
+3.02 (+12.28%)
At close: 7:54PM CEST
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Previous close24.59
Open26.18
Bid0.00 x 250000
Ask0.00 x 250000
Day's range25.65 - 27.62
52-week range21.06 - 59.90
Volume90,767
Avg. volume50,512
Market cap29.454B
Beta (5Y monthly)1.60
PE ratio (TTM)12.44
EPS (TTM)2.22
Earnings dateN/A
Forward dividend & yield0.90 (3.66%)
Ex-dividend date02 Apr 2020
1y target estN/A
  • German car industry's export prospects bleakest since 2009
    Yahoo Finance UK

    German car industry's export prospects bleakest since 2009

    Plants shuttered, workers stood down, and a lack of demand has carmakers feeling pessimistic.

  • German carmakers had crisis call with Merkel - Handelsblatt
    Reuters

    German carmakers had crisis call with Merkel - Handelsblatt

    The bosses of Volkswagen , BMW and Daimler held a crisis call with German Chancellor Angela Merkel on Wednesday to discuss how to get production restarted, Germany's Handelsblatt newspaper reported on Thursday. Carmakers have halted production at some sites as governments around the world have imposed lockdowns on their populations in response to the coronavirus outbreak. Volkswagen Chief Executive Herbert Diess last week said the carmaker might have to cut jobs if the pandemic is not brought under control as it is still spending about 2 billion euros ($2.18 billion) a week.

  • Germany Expects Economy to Shrink More Than 5% on Virus Hit
    Bloomberg

    Germany Expects Economy to Shrink More Than 5% on Virus Hit

    (Bloomberg) -- Germany faces a deeper recession than during the financial crisis, as the coronavirus pandemic shuts down large parts of Europe’s biggest economy.The impact on 2020 growth from measures to contain the virus could be “as strong, or even stronger” than the 5% contraction caused by the sovereign-debt emergency in 2008 and 2009, Economy Minister Peter Altmaier said Thursday in Berlin. National output could shrink for some months in the first half by more than 8%, with the biggest slump likely in May, he added.“That means that after 10 years of good economic growth we will again experience a recession this year,” said Altmaier. “It’s the first since 2009, and we want it to be a temporary one and that it’s quickly put behind us and the economy emerges stronger.”In the face of the unprecedented challenges posed by the spread of the deadly disease, Chancellor Angela Merkel’s government was widely expected to slash its forecast from the pre-crisis prediction of 1.1% growth.Germany’s efforts to limit the fallout are advancing, as aid applications pour in and officials seek a path to restart all-important auto production. Altmaier also underscored the government’s commitment to revive growth once the outbreak subsides.Under a government program aimed to providing strapped businesses with financial liquidity, 2,500 companies have requested a total of 10.6 billion euros ($11.6 billion) in support, according to state development bank KfW.“In such a situation, in which companies are really experiencing a massive collapse in sales, there is certainly a measure of panic in the air,” said Guenther Braeunig, head of the bank. He expects a “significant increase” in applications in the next few weeks.Merkel’s government secured emergency spending powers to unleash a historic rescue package that totals more than 750 billion euros, including social benefits, loans and guarantees for businesses and funds to take stakes in stricken companies.As aid starts to flow, Merkel -- still in precautionary quarantine at home -- turned her attention to the country’s critical auto sector, speaking with executives and industry heavyweights late Wednesday on how and when to restart factories. The meeting comes amid growing concern that some cash-strapped suppliers may not survive the pandemic’s fallout.The country can ill afford a prolonged shutdown of its car industry, which employs more than 800,000 people and is a key indicator of industrial health in Europe’s largest economy. Volkswagen AG currently burns through 2 billion euros ($2.2 billion) per week as most of its sites sit idle.As VW, Daimler AG and BMW AG halt production, the disruptions have ripple effects on the hundreds of companies that make components from screws to seat cushions. Many of these firms are small, family-owned entities that lack deep financial resources, putting them particularly at risk.While Germany has set up a series of measures to aid companies, the concern is the support won’t reach many smaller, cash-strapped suppliers quickly enough to keep them afloat.These firms are critical for the finely-tuned supply chain and widespread bankruptcies would be a disaster, Continental AG’s Chief Executive Officer Elmar Degenhart told reporters on Wednesday, after the auto-parts giant abandoned its earnings outlook over the coronavirus.Despite the risks in the coming, Altmaier offered an optimistic outlook going forward, saying Germany could be in position for “decent growth” next year and that the government planned spending to get the economy back on track.“We all want to be able to get things going again after the health crisis has passed,” he said. “For that, we will need more than the aid package we have put together. We need a fitness program, a growth program, and we will work toward that together in the government.”(Updates with additional comments and context beginning in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • German carmakers had crisis call with Merkel: Handelsblatt
    Reuters

    German carmakers had crisis call with Merkel: Handelsblatt

    The bosses of Volkswagen , BMW and Daimler held a crisis call with German Chancellor Angela Merkel on Wednesday to discuss how to get production restarted, Germany's Handelsblatt newspaper reported on Thursday. Carmakers have halted production at some sites as governments around the world have imposed lockdowns on their populations in response to the coronavirus outbreak. Volkswagen Chief Executive Herbert Diess last week said the carmaker might have to cut jobs if the pandemic is not brought under control as it is still spending about 2 billion euros ($2.18 billion) a week.

  • Reuters - UK Focus

    LIVE MARKETS-At the open: Oil stocks surge, no rebound for banks

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London. Oil and gas stocks are leading European bourses today amid surging oil prices and hopes Saudi Arabia and Russia could soon reach a deal to end their price war. The sector is up over 5% and lifting the broader indexes thanks to heavyweight majors such Royal Dutch Shell gaining close to 9%.

  • Reuters - UK Focus

    LIVE MARKETS-On the radar: Textbook corporate coronavirus headlines

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London. In the meantime, it’s 'same old' in terms of corporate news this morning in Europe with another batch of dividend cuts, executive bonus cuts (Daimler, Sodexo) , guidance dropped and job/production freezes (Volkswagen in Mexico). One of the most spectacular headline on the latter is British Airways expected to announce suspension of about 36,000 of its employees.

  • Bloomberg

    China Weighs Cuts to Electric-Car Subsidies It Just Extended

    (Bloomberg) -- China, the biggest market for electric cars, is considering a reduction in rebates given to buyers and limits on the models that qualify even as it commits to extending the costly subsidy program for another two years.The country’s state council said Tuesday it would extend rebates on electric vehicles until 2022 to support the industry as the coronavirus pandemic hobbles demand. But various government bodies are in discussions over reducing the incentives by 10% later in 2020, according to people familiar with the matter. They’re also in talks to narrow the universe of cars that qualify for the discounts, the people said, asking not to be identified because the deliberations are private.A reduction in subsidies could temper benefits for the likes of Tesla Inc. and Volkswagen AG, which are counting on the world’s biggest auto market to buoy sales. Electric-car manufacturers are already facing a host of challenges, from the global pandemic to the plunge in oil prices, which makes internal-combustion vehicles cheaper to drive.The subsidy plans show the balancing act China’s government is facing as it works to bring the economy back from the debilitating blow the coronavirus delivered early this year. With manufacturing sliding the most on record in February, industries are clamoring for state support.In its bid to become a leader in new-energy vehicles, China has maintained a significant subsidy program for over a decade and was in the process of rolling some of the support back to allow the industry to become more independent when the virus hit.NIO shares fell 4.7% in New York Wednesday.China’s auto industry has been hit particularly hard in the wake of the coronavirus, with weekly car sales at one point plummeting 96%. Now it’s Europe and the U.S.’s turn. Manufacturers across both regions have shuttered factories after governments imposed restrictions to stem the spread of the virus.New-vehicle registrations in France and Spain plunged by more than two-thirds in March from a year earlier, figures released Wednesday show. Several brands in the U.S. reported more than 40% declines for the month.Industry SlumpChina began subsidizing EV purchases in 2009 to promote the industry but has been gradually reducing handouts in the past few years to encourage automakers to compete on their own. The government had planned to phase them out completely at end of this year.But cutbacks that took effect last summer triggered the first downturn in the country’s EV industry, and the pandemic has only worsened the slump.The government bodies involved in the talks -- the Ministry of Finance, Ministry of Industry and Information Technology and the National Development and Reform Commission -- didn’t immediately respond to requests for comment or referred queries elsewhere.China PlantChina is a centerpiece of Tesla Chief Executive Officer Elon Musk’s automotive ambitions. The company began delivering China-built Model 3s to local consumers in January. Constructing the plant near Shanghai was key to unlocking a greater share of the market by qualifying its cars for subsidies and more favorable tax treatment.While Tesla’s registrations have been slow out of the gate, much of the weakness can probably by chalked up to seasonality and the impact the virus has had on the whole industry.General Motors Co. also has high hopes -- and a lot of cash -- riding on China’s EV market. The automaker announced early last month that it’s investing $20 billion into electric and self-driving vehicles by 2025. Some of its battery-powered models already are hitting showrooms in China ahead of the U.S., where federal incentives for its plug-in cars are shrinking.President Donald Trump also just completed a three-year effort to ease fuel-efficiency rules, which will make it easier for companies like GM to meet environmental standards that the Obama administration envisioned giving EVs a boost.VW Electric PushChina is a critical market for German auto giants VW, Daimler AG and BMW AG in terms of profits and sales. VW, the world’s top-selling automaker, is gearing its global electric-car push this year by starting production of purely battery-powered cars at two new factories in China.Daimler, the maker of Mercedes-Benz luxury cars, has introduced the EQC electric SUV and plans to expand its lineup of purely battery-powered vehicles to at least 10 in coming years with China being one of the key markets.The company has also folded its Smart city-car brand into a joint venture with its largest shareholder Geely, which will be based in China and make zero-emission subcompact cars for global markets.(Updates with NIO shares in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    Motor racing-Mercedes DAS system banned for 2021 despite cars staying same

    Formula One world champions Mercedes will not be allowed to use their innovative steering system next year even though the cars are staying the same, the governing FIA said on Tuesday. The dual-axis system (DAS) allows a driver to change the 'toe angle' of the front wheels by pushing and pulling on the steering wheel, rather than just moving it sideways. Mercedes have yet to race with DAS since the championship is on hold until at least the European summer due to the coronavirus pandemic.

  • EU antitrust watchdogs quiz Daimler, others on failed Nokia fee talks
    Reuters

    EU antitrust watchdogs quiz Daimler, others on failed Nokia fee talks

    European Union antitrust regulators have asked Daimler , Continental and other car parts makers for details of failed mediation talks with Nokia in a patent licensing fee dispute. Daimler, Continental, Bury Technologies, Valeo and Thales-owned Gemalto complained to the European Commission last year about the fees Finland's Nokia was demanding for patents related to car communications.

  • Reuters - UK Focus

    Motor racing-Formula One uses break from racing to join Britain's coronavirus battle

    If British industry succeeds in saving lives during the coronavirus pandemic it will be due in part to the pioneering role played by Formula One racing teams in the country. Seven of the 10 Formula One teams have joined forces with leading aerospace and engineering companies to ramp up production of ventilators while Mercedes has also worked with medics and academics to produce an alternative breathing aid. "F1 teams are used to operating at pace, they move quickly, within a safety remit, and have the capacity and the capability to work on both the R&D and the assembly," one person familiar with the setup said.

  • Reuters - UK Focus

    LIVE MARKETS-On the radar: dividend, capex and guidance cuts

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London. While Wall Street’s overnight rally and a positive session in Asia may give traders some comfort, European futures this morning are anything but reassuring. U.S. futures are also down about 1.5%.

  • Daimler Seeks Over $11 Billion Credit Line to Weather Crisis
    Bloomberg

    Daimler Seeks Over $11 Billion Credit Line to Weather Crisis

    (Bloomberg) -- Daimler AG is in talks with banks over arranging a new credit facility of at least 10 billion euros ($11 billion) to help it navigate the fallout from the coronavirus pandemic, according to people familiar with the matter.Daimler is seeking a credit line of 10 billion euros to 15 billion euros and an announcement on the final amount could come as early as next week, said the people, who asked not to be identified because deliberations are private. Talks with potential lenders are ongoing and the exact timing and structure of the deal could still change, they said.The move is part of a range of measures to shore up the financial muscle of the maker of Mercedes-Benz cars and trucks during the coronavirus crisis, said the people. The new credit facility would come on top of an existing 11 billion-euro credit line signed two years ago with a group of banks offering funding until 2025.“We would not be surprised if Daimler is indeed seeking to raise a new credit facility,” RBC Capital Markets analyst Tom Narayan said in a note. “The cash cushion between funding need -- for maturities in 2020 -- and funding available was already narrow to begin with.”Daimler declined to comment. The shares pared losses following the report on Thursday, closing 0.6% lower at 29.59 euros.Fiat, AirbusGlobal automakers face an unprecedented challenge after the pandemic crippled demand from China to Europe and the U.S. Governments have imposed restrictions on citizens, businesses and transportation to fight the outbreak.Last week, Daimler and other European manufacturers were forced to halt output at their factories in the region and have since expanded closures to sites in North America. A rapid decline in car demand prompted Standard & Poors on Thursday to lower credit ratings on Daimler and BMW AG by one notch.Other industrial giants are also taking steps to boost liquidity. Fiat Chrysler Automobiles NA signed a new 3.5 billion-euro credit facility with two banks, the automaker announced Thursday. That’s after plane-maker Airbus SE earlier in the week said it had converted a facility of about 5 billion euros into a new credit line amounting to 15 billion euros.Stuttgart-based Daimler said Thursday it will move to short-time work at its domestic operations. Under German rules the state pays part of the reduced salary for employees. Avoiding mass layoffs helped German manufacturers ramp up production after the financial crisis a decade ago.(Updates with analyst comment in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Formula 1 Helps Boris Johnson Edge Closer to 30,000 Ventilator Target
    Bloomberg

    Formula 1 Helps Boris Johnson Edge Closer to 30,000 Ventilator Target

    (Bloomberg) -- The U.K. is homing in on a solution to the shortage of ventilators needed to address the growing coronavirus crisis with help from Formula 1 motor racing teams and corporate giants such as Siemens AG and Airbus SE.Prime Minister Boris Johnson last week appealed to manufacturers of all stripes to help build 30,000 ventilators so that the National Health System doesn’t run out of capacity. The publicly funded system only has just over 8,000 of the devices in operation today.Adding urgency to the challenge is the rising number of U.K. cases of coronavirus: on Tuesday, the Health Department announced more than 1,400 new cases and 87 more deaths. Health service chiefs have warned that a lack of ventilators may soon force doctors to choose which patients get access to the life-saving equipment.While production of the new devices is yet to start, progress has been swift, and an announcement on the way forward is likely in the coming days, according to two people familiar with the matter, who asked not to be identified because they weren’t authorized to speak publicly.Ventilator Makers Can Speed Up, But They Face Shortages of PartsJohnson’s request caused initial confusion, with some dismissing his ambition as unfeasible. But three groups have been formed: one is looking at scaling up production of existing ventilators, the second at designing new models, and the third at reverse-engineering them.The first of those groups -- which includes Airbus, Siemens, Smiths Group Plc and the Mercedes and McLaren Formula 1 teams -- is working on two designs: one for non-critical patients, which can be produced in relatively high numbers, and one for patients in critical care, according to one of the people. Also in the group is Penlon Ltd., which already makes anesthesia machines that perform some of the functions of intensive care ventilators.On March 20, Formula 1 issued a statement saying a collective of U.K.-based teams were working on the ventilator project. “All the teams have expert design, technology and production capabilities, and specialize in rapid prototyping and high value manufacturing, which is hoped can be applied to the critical needs set out by government,” it said.Seven F1 teams are focused on rapid prototyping and design, as well as validation and testing, according to one of the people familiar. The manufacturers would then step in to produce the devices in bulk.The U.K. isn’t alone in seeking help from business to deal with the coronavirus: in the U.S., Ford Motor Co. and General Motors Co. are helping to step up production of respiratory devices.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Daimler CEO says carmaker has no need for state aid - Handelsblatt
    Reuters

    Daimler CEO says carmaker has no need for state aid - Handelsblatt

    Daimler currently has sufficient funding and sees no need to apply for state aid, despite halting production at its major plants in Europe to contain the coronavirus, Chief Executive Ola Kaellenius told German newspaper Handelsblatt. Daimler is shutting production at its plant in Tuscaloosa, Alabama, Kaellenius said.

  • Bloomberg

    SoftBank-Backed Getaround Looks for a Buyer as Demand Evaporates

    (Bloomberg) -- The car-sharing company Getaround is actively seeking a sale as the coronavirus outbreak has sent demand plunging and left the startup dangerously short on cash, according to people familiar with the matter.The startup, whose backers include SoftBank’s $100 billion Vision Fund, has been one of the two leading companies in the peer-to-peer car-sharing industry, where people can rent out their private vehicles online for hours or days. Investors had valued it at well over $1 billion. Getaround has said it has 5 million users.But travel companies have been hit particularly hard by the pandemic as large swaths of the global population have been ordered to stay mostly indoors. If Getaround cannot find a buyer or an infusion of cash, the startup may consider bankruptcy protection, said one of the people familiar with the matter, all of whom asked not to be identified because the information is private. Other backers of Getaround include Menlo Ventures and Toyota Motor Corp.A spokeswoman for Getaround wrote in an email: “Like many other businesses, we are dealing with the impacts of the Covid-19 outbreak, both in the U.S. and Europe, and we are evaluating the appropriate steps to manage this unprecedented event. This includes the support of our investors.”Economic impacts from the virus have been far-reaching and immediate, and startups have been particularly vulnerable. Many are unprofitable and lack a financial cushion. The trouble among SoftBank’s portfolio of startups has heightened concerns over the conglomerate’s creditworthiness and the value of its investments. Even before the pandemic, SoftBank Group Corp. founder Masayoshi Son faced criticism for pouring billions of dollars into unproven and unprofitable companies. OneWeb, backed by SoftBank Group, is considering bankruptcy, Bloomberg reported Thursday.Getaround and the broader car-sharing industry had been facing challenges even before the pandemic. The number of vehicles on car-sharing networks as of January, about 2.7 million, is dwarfed by the number of ride-hailing drivers, 64.6 million, according to Bloomberg New Energy Finance. Getaround said in January it had dismissed some workers but that it would continue to operate in more than 300 cities and that its revenue was growing sixfold. Last month, a car-sharing network owned by European automakers Daimler AG and BMW AG, called Share Now, stopped operating in North America.This month, Getaround outlined measures it was taking in response to the Covid-19 outbreak, which included waiving cancellation fees and quarantining cars that had been in contact with the coronavirus. Turo Inc., Getaround’s main startup rival, announced similar policies. Both companies acknowledged they’d seen drops in demand.On Thursday, as officials around the U.S. ordered many businesses to close, Getaround said it would keep renting cars. “Our service remains essential to our communities by providing flexible and safe access to transportation, and we are working to ensure it continues to be available during this time,” a spokeswoman said in a statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Coronavirus Wrecks Europe Auto Industry: Rough Road Ahead
    Zacks

    Coronavirus Wrecks Europe Auto Industry: Rough Road Ahead

    While European carmakers like Volkswagen and BMW are already warning a difficult year ahead, there are concerns about sustained economic impacts.

  • Bloomberg

    Europe’s Door to Joint Debt Cracks Open as Germany Softens

    (Bloomberg) -- Angela Merkel signaled she may be open to joint European Union debt issuance to help offset the impact of the coronavirus, an apparent softening of entrenched German opposition that could transform the finances of the 27-nation bloc.The unexpected opening from the leader of Europe’s dominant economy came after the chancellor and her EU counterparts agreed by video conference to restrict most travel into the continent in an unprecedented move aimed at slowing down the spread of the virus and mitigating its effects.European governments continued to mobilize resources to try to shield companies, preserve jobs and reassure investors as citizens are ordered to accept draconian curbs on daily life. With central banks almost out of ammunition, leaders are scratching their heads for ways to finance the sudden burst of spending without reviving the market turbulence that threatened to tear their currency union apart less than a decade ago.“We made clear, and actually everybody mentioned this, that we have to factor in serious, very serious, consequences for our economy,” Merkel said late Tuesday at a news conference in Berlin.EU health, interior and transport ministers are due to hold more talks on Wednesday on how to best tackle the disease and limit its wider impact.Spain and the U.K. joined Germany and France is announcing billions to support businesses at risk of going bust. French Finance Minister Bruno Le Maire even went so far as to say officials in Paris are prepared to consider nationalizing large companies if necessary. In the U.S., Donald Trump is considering an economic stimulus of as much as $1.2 trillion.“We must act like any wartime government and do whatever it takes to support our economy,” U.K. Prime Minister Boris Johnson said.The gravity of the situation is forcing policy makers to get creative, and quickly. The idea for joint EU debt issuance was raised by Italian Prime Minister Giuseppe Conte on Tuesday’s video call, according to a person familiar with the matter. Merkel said she was happy for her finance chief, Olaf Scholz -- a pro-European Social Democrat -- to explore the proposal with other ministers.Joint EU debt remained a taboo for Germany even at the height of the financial crisis after 2008, so the fact that Merkel is prepared to engage in the discussion is a sign of how concerned leaders are at the recession they are facing and the havoc it may wreak on its weaker members.‘No Conclusions’“We expect the finance ministers to discuss further on this level,” Merkel said. “I’ll talk to Olaf Scholz so that the German side can take part in this. But there are no conclusions.”Dutch Prime Minister Mark Rutte, another longstanding opponent of pooled liabilities, was more cautious on joint debt after Tuesday’s EU video conference. He said the EU has tools in place that could serve that function, and he hasn’t seen “a serious and real proposal for a coronavirus bond.”Conte reiterated that EU governments must do “whatever it takes” to deal with the crisis, adding that no country can hope to shield itself from its impact. Delaying a joint response, he added, would be lethal and irresponsible.Italy is at the epicenter of the virus outbreak in Europe. For many policy makers, the country was already the bloc’s riskiest member: it has a bigger debt load than any country but Greece, growth has been moribund since it joined the euro, and the size of its economy makes the prospect of a bailout daunting.Weak LinkFrance backed Italy’s request and wants the European Investment Bank to issue the bonds, possibly with guarantees by the European Stability Mechanism, the euro-area bailout fund, an official familiar with the matter said.Conte said that the EU must ensure that citizens receive the care they need and that their economic and social conditions are protected, according to the person familiar with the call. He said a European guarantee fund could be an alternative way to ensure the financing of relief measures.EU leaders also discussed ways the ESM could deploy its 410 billion-euro firepower. During that discussion, Merkel cautioned that it would be difficult to use money from the bailout fund without any conditions attached, while Rutte was even more skeptical, according to an EU official with knowledge of the exchange. Still, neither of them shot down the idea, the official said.More LockdownsIn other developments Tuesday, Belgium drastically tightened its restrictions on citizens, banning all unnecessary movements, keeping only food stores and pharmacies open for customers. Brussels, its capital, is home to the EU’s executive arm and NATO.The EU also closed its external borders for 30 days. The restrictions will be implemented by member countries over the coming hours. In theory, the ban does not apply to the U.K., but in practice any form of travel has become virtually impossible.The virus is not just rewiring people’s lives, but also forcing businesses to rethink how they operate.Europe’s biggest industrial manufacturers from Volkswagen AG to Airbus SE took unprecedented steps to idle plants across the region. Carmakers PSA Group, Fiat Chrysler Automobiles NV and Renault SA are also suspending production, and Mercedes-Benz maker Daimler AG said its halts would affect car, van and truck plants.BMW AG on Wednesday abandoned hopes for another record year in sales, predicting deliveries will be “significantly below” 2019 levels and profitability the weakest for years. The German carmaker skirted plant shutdowns and instead will rely on shorter shifts and flexible working to rein in output.(Updates with ministers’ talks in fifth paragraph, BMW in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Daimler suspends most of its production in Europe
    Reuters

    Daimler suspends most of its production in Europe

    Daimler , which owns the Mercedes-Benz luxury car brand, on Tuesday said it will suspend most of its production in Europe for two weeks in an effort to contain the spread of the new coronavirus. "The suspension applies to Daimler's car, van and commercial vehicle plants in Europe and will start this week," the Stuttgart-based carmaker said. Global supply chains currently cannot be maintained to their full extent, it said adding that due to the ongoing spread of COVID-19 the economic effects on Daimler cannot be adequately determined or reliably quantified at this time.

  • Reuters - UK Focus

    Motor racing-FIA could not prove Ferrari's 2019 engine broke F1 rules

    Formula One's governing body suspected Ferrari's engine was not always operating within the rules last year but lacked conclusive evidence, the FIA said on Thursday. The FIA explained in a statement that it had therefore reached a private settlement to avoid lengthy litigation and an uncertain outcome. The confidential settlement, announced last week on the last day of pre-season testing, angered non-Ferrari powered teams who issued a joint statement on Wednesday demanding clarity and threatening legal action.

  • Reuters - UK Focus

    Investor Stroll eyes sharing Formula One tech with Aston Martin road cars

    Canadian billionaire Lawrence Stroll, who is investing in carmaker Aston Martin, sees the opportunity to share Formula One technology with the firm's range of road cars, he said on Wednesday. "I feel Aston has really missed having a mid-engine programme, having that DNA in their racing, in their blood and now with the opportunity of returning to a works Formula One team for 2021 to be able to share technology from our Formula One team with our road car projects," he said. "I think this is the final cherry on the cake that Aston Martin really needed to complete its range and come back to its roots of racing."

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