FRANKFURT, Germany (AP) — Automaker Daimler AG says fourth-quarter net profit fell 49 percent to 1.64 billion euros ($1.87 billion) as the company’s Mercedes-Benz luxury car business was buffeted by diesel woes and global trade conflict.
Revenue reported Wednesday rose 7 percent to 46.6 billion euros and the company said demand for its products remained strong.
The company’s luxury car division, the mainstay of its earnings, saw profit fall as it faced multiple challenges. The U.S.-China trade war meant new import taxes on cars made in the U.S. and sold in China. Bottlenecks in getting cars certified for emissions procedures also impacted the business.
For the full year, net profit fell to 7.6 billion euros from 10.6 billion in 2017. Revenues rose 2 percent to 167.4 billion euros.
