Daimler AG reports $1.95 billion loss in fourth-quarter

Daimler AG today reported a fourth-quarter loss of 1.53 billion euros ($1.95 billion) – its first loss in two years. CEO, Dieter Zetsche also warned that sales of its Mercedes-Benz brand would decline through 2009 due to the significant drop in demand.

Daimler AG, which still owns a 19.9 percent stake in Chrysler, said that the final figure was dragged down by losses and charges of Chrysler LLC.

Daimler said that it was too soon to provide a forecast for 2009 earnings and that “a more details statement on earnings will only be possible later this year when the economy and the automotive markets can be better assessed.”

Daimler AG’s overall sales fell 17 percent to 480,055 compared with 575,353 a year earlier. For the year, Daimler reported a 4 percent decline in sales.

Source: Detroit News