Daimler net profit falls 21% in third quarter

German automaker Daimler AG says net profit fell 21% in the third quarter as the company faced backlogs registering vehicles under new emissions rules.

The company said on Thursday that net profit fell to €1.76 billion ($2.01 billion) from €2.24 billion in the year-ago quarter. Revenue fell 1% to 40.2 billion.

Facing backlogs

The company, which makes Mercedes-Benz luxury cars, had already warned that profits would decrease due to regulatory actions involving diesel cars.

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The company faced backlogs getting cars approved under new emissions rules that went into effect 1 Sept.