who knew?
04-29-2004, 01:34 PM
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2007 E350/2001 SLK320
who knew?
Hey..did any of you know Benz owned parts of Hyundai and Mitsubishi??! No wonder we are having some of the problems we are having with our vehicles. I wonder if they are sharing resources. Anyway..read and weep.
Will DaimlerChrysler Chief Executive Stay?
By Mark Thompson and Christiaan Hetzner, Reuters
FRANKFURT (April 29) - DaimlerChrysler posted a 10 percent rise in first-quarter profit and upped its guidance for its subsidiary Chrysler on Thursday, giving CEO Juergen Schrempp a lift before a board meeting that may end his tenure.
But the car giant's chief financial officer declined to shed any light on Schrempp's future after sources close to the situation said the CEO and two other board members had tendered their resignations over the firm's troubled investment in Mitsubishi Motors.
''As far as a resignation of Schrempp is concerned, there is nothing I can tell you. These are only questions which are related to the supervisory board,'' CFO Manfred Gentz, also a management board member, told reporters on a conference call.
He noted that the management board was ''fully loyal'' to its chairman, though he did not explicitly name Schrempp.
DaimlerChrysler reported operating earnings of 1.541 billion euros ($1.82 billion), beating analyst expectations thanks to cost cutting and higher sales at Chrysler and growth at its trucks business.
Group sales fell three percent to 32.35 billion euros but rose seven percent adjusted for currency effects. Net profit fell 33 percent to 393 million euros, missing forecasts, due to losses at troubled German road toll venture Toll Collect, Japanese partner Mitsubishi and higher taxes.
Gentz said the company had made significant savings at Chrysler in the first quarter and saw more to come, making DaimlerChrysler more confident that it would hit its 2004 profit target.
''For the group as a whole, DaimlerChrysler is striving to achieve an increase in operating profit in 2004 versus 2003 results,'' he said.
Schrempp, 59, offered to quit a week ago after the group's management and supervisory boards refused to throw good money after bad in a bail-out of Mitsubishi Motors, sources close to the situation said on Wednesday.
His dream of building a global autos group, already marred by hefty losses at Chrysler, was dealt another blow on Monday when Hyundai Motor Co said it planned to scale back its partnership with the Stuttgart-based company and 10 percent shareholder. DaimlerChrysler also owns 37 percent of Mitsubishi.
DaimlerChrysler said it expected group operating profit to improve this year, excluding restructuring charges and a capital gain on the disposal of MTU Aero Engines.
Chrysler should ''end the year with considerable positive earnings,'' it said. The carmaker's previous guidance for Chrysler had only been that it would make a profit this year.
''The figures are strong and the outlook is good, but the fact that they're better than expectations shouldn't surprise people,'' said Lehman Brothers analyst Jeremie Papin, who rates Daimler shares ''neutral.''
''It's proof that GM and Ford are good indicators for guidance on Chrysler's performance,'' he said. Last week, Ford said quarterly profit more than doubled, signaling a broad recovery in the U.S. auto market.
MARKETS WAIT FOR MEETING
DaimlerChrysler shares, which earlier traded up two percent, were up 0.4 percent at 38.72 euros by 1354 GMT, slightly outperforming its peers on the DJ Stoxx European autos index.
Investors had welcomed the Mitsubishi U-turn and some have renewed their calls for Schrempp to resign. Analysts said that a change in chief executive could see the stock rally.
''The importance of the figures has been diminished since the share price is reacting to all the reports surrounding Juergen Schrempp's future,'' a London-based auto analyst said.
Sources close to the situation said Schrempp's offer to resign was likely to be discussed at the board meeting in New York.
The Stuttgarter Zeitung reported that eight of 11 management board members, including Mercedes chief Juergen Hubbert and finance chief Manfred Gentz, had opposed Schrempp on Mitsubishi.
Analysts and investors say pulling the plug on Japan's only unprofitable automaker was an admission that the strategy had backfired on DaimlerChrysler, which has seen its market value plunge by 40 billion euros since the Chrysler merger.
Twenty-four analysts polled by Reuters had on average expected group operating profit to decline by two percent due to ramp-up costs for new models at luxury arm Mercedes. They had forecast sales of 32.487 billion and net profit of 598 million.
Chrysler was expected to report profit of 161 million euros. ($1-.8402 Euro)
Will DaimlerChrysler Chief Executive Stay?
By Mark Thompson and Christiaan Hetzner, Reuters
FRANKFURT (April 29) - DaimlerChrysler posted a 10 percent rise in first-quarter profit and upped its guidance for its subsidiary Chrysler on Thursday, giving CEO Juergen Schrempp a lift before a board meeting that may end his tenure.
But the car giant's chief financial officer declined to shed any light on Schrempp's future after sources close to the situation said the CEO and two other board members had tendered their resignations over the firm's troubled investment in Mitsubishi Motors.
''As far as a resignation of Schrempp is concerned, there is nothing I can tell you. These are only questions which are related to the supervisory board,'' CFO Manfred Gentz, also a management board member, told reporters on a conference call.
He noted that the management board was ''fully loyal'' to its chairman, though he did not explicitly name Schrempp.
DaimlerChrysler reported operating earnings of 1.541 billion euros ($1.82 billion), beating analyst expectations thanks to cost cutting and higher sales at Chrysler and growth at its trucks business.
Group sales fell three percent to 32.35 billion euros but rose seven percent adjusted for currency effects. Net profit fell 33 percent to 393 million euros, missing forecasts, due to losses at troubled German road toll venture Toll Collect, Japanese partner Mitsubishi and higher taxes.
Gentz said the company had made significant savings at Chrysler in the first quarter and saw more to come, making DaimlerChrysler more confident that it would hit its 2004 profit target.
''For the group as a whole, DaimlerChrysler is striving to achieve an increase in operating profit in 2004 versus 2003 results,'' he said.
Schrempp, 59, offered to quit a week ago after the group's management and supervisory boards refused to throw good money after bad in a bail-out of Mitsubishi Motors, sources close to the situation said on Wednesday.
His dream of building a global autos group, already marred by hefty losses at Chrysler, was dealt another blow on Monday when Hyundai Motor Co said it planned to scale back its partnership with the Stuttgart-based company and 10 percent shareholder. DaimlerChrysler also owns 37 percent of Mitsubishi.
DaimlerChrysler said it expected group operating profit to improve this year, excluding restructuring charges and a capital gain on the disposal of MTU Aero Engines.
Chrysler should ''end the year with considerable positive earnings,'' it said. The carmaker's previous guidance for Chrysler had only been that it would make a profit this year.
''The figures are strong and the outlook is good, but the fact that they're better than expectations shouldn't surprise people,'' said Lehman Brothers analyst Jeremie Papin, who rates Daimler shares ''neutral.''
''It's proof that GM and Ford are good indicators for guidance on Chrysler's performance,'' he said. Last week, Ford said quarterly profit more than doubled, signaling a broad recovery in the U.S. auto market.
MARKETS WAIT FOR MEETING
DaimlerChrysler shares, which earlier traded up two percent, were up 0.4 percent at 38.72 euros by 1354 GMT, slightly outperforming its peers on the DJ Stoxx European autos index.
Investors had welcomed the Mitsubishi U-turn and some have renewed their calls for Schrempp to resign. Analysts said that a change in chief executive could see the stock rally.
''The importance of the figures has been diminished since the share price is reacting to all the reports surrounding Juergen Schrempp's future,'' a London-based auto analyst said.
Sources close to the situation said Schrempp's offer to resign was likely to be discussed at the board meeting in New York.
The Stuttgarter Zeitung reported that eight of 11 management board members, including Mercedes chief Juergen Hubbert and finance chief Manfred Gentz, had opposed Schrempp on Mitsubishi.
Analysts and investors say pulling the plug on Japan's only unprofitable automaker was an admission that the strategy had backfired on DaimlerChrysler, which has seen its market value plunge by 40 billion euros since the Chrysler merger.
Twenty-four analysts polled by Reuters had on average expected group operating profit to decline by two percent due to ramp-up costs for new models at luxury arm Mercedes. They had forecast sales of 32.487 billion and net profit of 598 million.
Chrysler was expected to report profit of 161 million euros. ($1-.8402 Euro)
04-30-2004, 05:25 PM
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2007 E350/2001 SLK320
hmmm, lets see..48 hrs ago I left my rear window down,and a horrible crashing noise occured, and the window dropped into the door. One regulator, one new window, and one unmatching tint later I am outof the C240 (ugggghhh) loaner and back in my 01 E320.
Today, a huge leak occured in my wiper fluid resovoir...I believe the CR #79 at this point. Is the Power' report based on quality? or some other service measurement??
My car has had engine work (yes, the head was removed) at 7,000 miles, rotors at 9,500 miles. Bulbs, coils, springs, and everything else you can imagine and it only has 31,000 miles on it at this point. MBUSA bought me out of a lousy 01 ML and coaxed me into the W210, by citing it as a "trouble free flagship model".
yeah right. I'm too lazy to go car shopping, but I need a vehicle that runs!
Today, a huge leak occured in my wiper fluid resovoir...I believe the CR #79 at this point. Is the Power' report based on quality? or some other service measurement??
My car has had engine work (yes, the head was removed) at 7,000 miles, rotors at 9,500 miles. Bulbs, coils, springs, and everything else you can imagine and it only has 31,000 miles on it at this point. MBUSA bought me out of a lousy 01 ML and coaxed me into the W210, by citing it as a "trouble free flagship model".
yeah right. I'm too lazy to go car shopping, but I need a vehicle that runs!
04-30-2004, 06:36 PM
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1988 560SL (sold); 2001 E430 (sold); 2004 SL500; 2009 CL550
Hate to hear of your problems...have a 1988 560 SL - still in amazing shape
2001 E4330 - not the first day's problem
2004 SL500 - who can complain about having this?
2001 E4330 - not the first day's problem
2004 SL500 - who can complain about having this?
