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Business

DaimlerChrysler Posts Third Quarter Losses

Despite gaining ground in the competitive U.S. market, car manufacturer DaimlerChrysler recorded third quarter net losses of €1.65 billion ($1.93 billion) due to a write-off of its devalued holdings in the European Aeronautic Defence and Space Company (EADS), the company announced Tuesday. While Chrysler posted a positive operative profits of €147 million, DaimlerChrysler's net operative earnings were down 19 percent from last year to €1.25 billion. The company, however, confirmed it would meet its forecast to end 2003 with an operative result of €5 billion, though it said there were "significant market risks."