APRIL 29, 2005
Mercedes-Benz posts first loss since 1993
Mercedes-Benz posted its first loss in 15 years when it announced its figures for the first quarter of 2005. The group recorded an operating loss of $1.2bn having taken a $1bn restructuring charge on its Smart small car brand. Profits at Chrysler also fell. Despite this the company still forecasts a profit this year of around $7.4bn. The company has suffered some serious quality control problems in recent months, particularly with the E-Class. Eckhard Cordes, the head of Mercedes, is working towards improving profits next year.
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