Germany's Daimler AG, maker of Mercedes-Benz luxury cars, made only a small profit in the first quarter of 2020 as the company shut down factories and shifted into cash preservation and cost management mode during the coronavirus crisis. He called the shift to new technologies "non-negotiable'' despite the severe disruption from the virus outbreak. Net profit was 168 million euros, down from 2.1 billion euros in the same quarter a year earlier. Revenue fell to 37.2 billion euros from 39.7 billion euros in the first quarter of 2019. "At the same time,`` he said, "we are continuing to invest in key technologies, including electrification and digitalization.

Source: The Standard April 29, 2020 09:22 UTC