Automaker’s earnings tumble 78 percent

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Thursday, Oct. 26, 2000 | 11:07 a.m.

THE ASSOCIATED PRESS

FRANKFURT, Germany -- Automaker DaimlerChrysler AG's adjusted earnings tumbled 78 percent in the third quarter, reflecting big losses at its U.S.-based Chrysler division -- which is juggling tougher competition with the costs of launching a new fleet of vehicles.

The world's third biggest automaker said today that net income adjusted for one-time charges and gains dropped to 327 million euros ($289.4 million), for the July-September period from 1.5 billion euros in the same period a year ago.

Results were dragged down by an operating loss at Chrysler, the North American unit that Daimler bought in 1998. Chrysler lost 579 million euro ($512 million) in the third quarter, compared to a 1.16 billion euro profit in 1999.