German automaker Daimler (OTC: DMLRY) said it expects to report a steep drop in first-quarter earnings as worldwide sales of Mercedes-Benz luxury vehicles and profit from new-mobility ventures both plummeted amid the coronavirus pandemic.
In a preliminary release of its first-quarter results, Daimler said its earnings before interest and tax (EBIT) fell 78% from a year ago, to 617 million euros ($668 million), after Mercedes-Benz sales slumped 15% in the first quarter.
Daimler's European factories have been closed since mid-March. Image source: Daimler AG.