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Auto News: Daimler, Stretched by Diesel Fines

02/11/2020

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Daimler, Stretched by Diesel Fines and Technology Shift, Records a Loss

NEW YORK TIMES

The German carmaker Daimler slipped into the red at the end of 2019, battered by the cost of developing electric cars and by penalties from diesel emissions cheating.

Like its rival Volkswagen, Daimler faces substantial costs from accusations that it programmed diesel vehicles to cheat on emissions tests. Daimler said on Tuesday that it had set aside €1.5 billion during the quarter, and a total of €4 billion for the year, to cover the cost of legal proceedings and penalties in Europe, the United States and other places. read more »