DAIMLER: CUTS 2018 OUTLOOK AS TRADE WAR TAKES TOLL21/06/2018
Daimler said on Wednesday that it had cut its earnings estimates for 2018 because of the trade war between the United States and China.
Daimler said in a statement that it forecasts fewer-than-expected Mercedes-Benz SUV sales and higher-than-expected costs - which will not be completely passed onto end customers - because of increased import tariffs for US vehicles into the Chinese market.
As a result, earnings before interest and taxes (EBIT) is now expected to fall slightly short of its level the previous year, the company said in a statement.
Daimler previously expected group 2018 EBIT to be slightly higher than in 2017.
The shares have opened down 3.6% at 58.7 euros in Frankfurt today.