Daimler reports soaring profits, as furore over tests on humans and monkeys persists
Frankfurt am Main — On Thursdya, German luxury car maker Daimler announced record profits for 2017 thanks to strong sport utility vehicle (SUV) and truck sales, but the results were overshadowed by the firm’s connection to controversial diesel exhaust tests on monkeys. Daimler said net profits soared 24% in 2017 to €10.9bn, with a little help from a roughly €1bn boost from sweeping US tax reforms. "The Daimler workforce has once again succeeded in breaking the records set in the previous year," CEO Dieter Zetsche said. Group revenues were up 7% to €164bn, in line with analysts’ expectations, while underlying, or operating profits, climbed 14% to €14.7bn. The company was muted in its outlook for 2018, however, predicting that unit sales and revenue would only "slightly" increase, in step with forecasts for global demand for motor vehicles. Operating profits for 2018 were expected to be "of the magnitude of the previous year", Daimler said, as investments in new technologies such as e...
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