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Daimler reports record profit for 2017 on SUV, E-Class sales

2018-02-01 10:47

Germany -  German automaker Daimler AG says net profit rose 24% to a record €10.9-billion euros last year, helped by strong sales of its Mercedes-Benz SUVs and new E-Class luxury sedan

The Stuttgart-based company gave a measured earnings outlook for this year, saying that operating earnings would be of "the magnitude of the previous year" instead of increasing.

Daimler said its earnings would be burdened by "very high" expenditure on new models and technologies such as battery-powered cars. Like others, the company also has to prepare for autonomous driving and a shift to transportation services such as car-sharing and ride-hailing through smartphone apps.

Revenue rose 7% on the year to €164.3-billion and management proposed its highest dividend to date, 3.65 per share.

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