Mercedes maker Daimler's earnings plunge as coronavirus hits sales, production

German auto giant joins U.S. companies hurt by pandemic

German's Daimler AG said on Thursday it expected to report a near 70 percent plunge in a key first-quarter earnings figure, as demand for its Mercedes-Benz cars plunges amid the coronavirus pandemic.

Continue Reading Below

FORD CORONAVIRUS LOSSES EXPECTED TO REACH $600M IN FIRST QUARTER

The virus outbreak has pummeled vehicle sales and production globally, as governments impose tight restrictions on business activity and the movement of people to control its spread.

Daimler reported preliminary adjusted first-quarter earnings before interest and tax (EBIT) of 719 million euros, or $777 million -- a 68.9 percent fall from the prior year.

STATE-BY-STATE OPENINGS & RESTRICTIONS

Preliminary adjusted EBIT for Mercedes-Benz cars & vans fell over 56 percent to 603 million euros or $651 million

The company also said it expects total unit sales and revenue for 2020 to be lower compared to last year.

CLICK HERE TO READ MORE ON FOX BUSINESS