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Daimler Truck assessing future of China business pre-exit

Date:2024-11-14
GERMANY's Daimler Truck says it is assessing the future of its China operations as a recovery in the Chinese truck market remained elusive, reports Reuters.

It has suffered a EUR180 million (US$195 million) one-off valuation adjustment charge, that will be booked in the third quarter and will not impact the operational performance of Daimler Truck, the company said.

Daimler booked a EUR120 million impairment charge in the second quarter due to a "persistent weak market" in China.

The adjustment loss comes after Daimler's third-quarter sales fell by 11 per cent due to poor performance by its Mercedes-Benz Trucks brand and the Asian business.

In September, the truck and bus maker appointed Mercedes-Benz lorry brand head Karin Radstrom as its CEO effective October 1, a little over a month after cutting its revenue guidance and reducing working hours at its German plants due to weak demand in Europe and Asia.

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