Daimler AG executives may have thought they had escaped the brutal economics of the mainstream auto market when they got rid of Chrysler in the summer of 2007.
But a little over a year later, Daimler and other luxury carmakers are struggling in a downturn that has buffeted the fanciest nameplates as severely as the rest of the industry.
Daimler reported this week that its Mercedes-Benz Cars division lost $460 million in the fourth quarter of 2008 and it forecast lower Mercedes sales for this year. Moody's Investors Service lowered its outlook for Daimler and said it may cut its credit rating for BMW, citing concerns about the companies' profitability.
Remember the EASIEST way to send and add photos at AutoSpies.com is by emailing them to mobile@AutoSpies.com
2009 Chicago Auto Show Photo Gallery
Read Article