Daimler net profit falls 21 percent in third quarter

October 25, 2018 - 2:06 am

FRANKFURT, Germany (AP) — German automaker Daimler AG says net profit fell 21 percent in the third quarter as the company faced backlogs registering vehicles under new emissions rules.

The company said Thursday that net profit fell to 1.76 billion euros ($2.01 billion) from 2.24 billion euros in the year-ago quarter. Revenue fell 1 percent to 40.2 billion.

The company, which makes Mercedes-Benz luxury cars, had already warned that profits would decrease due to regulatory actions involving diesel cars. The company faced backlogs getting cars approved under new emissions rules that went into effect Sept. 1.

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