Germany’s Daimler Truck announced this week that it has cut its full year revenue outlook to a range of between$AUD88 billion and $AUD94.7 billion (53 billion euros and 57 billion euros).
The truck maker had previously forecast revenue of between $AUD 95 billion and $AUD 97 billion for the year and as part of its announcement also slashed its outlook, and for unit sales to a range of between 460,000 and 480,000 units for the year, adding that it expects its full year profit to be below last year’s level.
The outlook cut comes after the truck maker booked an impairment in the second quarter results earlier this month on the value of its joint venture in China, due to a “persistent weak market” there.
Daimler’s announcement comes at a time when earnings of major automakers have shown that the automotive market in Europe has gone through a contraction in the first part of the year, while a recovery looks still uncertain for the months ahead.
The truck maker also slashed its full year revenue outlook for its industrial business to a range of 50 billion to 52 billion euros.
