Daimler Drops to Five-Year Low After Second 2018 Profit Warning
- Carmakers blames cost of diesel recall, air-conditioning issue
- Outlook cut drags down shares of German rivals BMW, Volkswagen
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Germany’s car industry just can’t stop the bleeding.
Daimler AG slumped to its lowest share price since July 2013, as investors dumped the stock after its second profit warning in four months. The carmaker blamed mounting expenses to upgrade diesel emissions systems in Europe and an increase in provisions to potentially replace air-conditioning refrigerant in older cars.