Profits at Daimler's Mercedes-Benz car division are hit by a drop in sales in China
BERLIN—German luxury car maker Daimler AG reported a 37% drop in first-quarter earnings in its core car division, citing weak sales in China and a rapidly slowing global economy that hit its business in major markets.
Daimler on Friday said profits at the Mercedes-Benz car division, the company’s biggest, were hit by a 3% drop in China sales and an increase in the share of low-margin models in the company’s overall product mix. The return on Mercedes-Benz cars sales fell to 6.1% from 9% a year earlier.
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