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Opening Quote: Daimler profits down

Summary:
Daimler profits down. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. Daimler profits fell in the third quarter, owing to a car recall, upgrades for existing diesel vehicles and higher expenses on new technologies.The parent of Mercedes-Benz reported €3.46bn in operating earnings, “significantly below” the €4.04bn a year ago but ahead of forecasts at €3.25bn.The group posted record unit sales and revenue – up 6 per cent to €40.8bn – but earnings fell from a year ago due to a €230m charge to pay for a car recall and a €223m charge for upgrades to existing vehicles, as Daimler fights against measures to ban older diesel cars from entering a number of European cities.The German company also said it is paying more for “new technologies and

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Daimler profits down. FT Opening Quote is your early Square Mile briefing. You can

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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