DaimlerChrysler said today it was sticking to its earnings forecast for the current year after business in the first three months started well.
"We have gotten off to a positive start this year, and business in the first three months has reinforced our performance targets for 2002," said chairman Mr Juergen Schrempp at the car maker's annual meeting here.
Despite a slight fall in sales of its Mercedes-Benz and Smart cars, first-quarter earnings in the division were "expected to reach around last year's levels".
The cars division, which includes the Mercedes-Benz and Smart brands, "had a good first quarter," DaimlerChrysler continued.
In a separate statement released in Stuttgart, DaimlerChrysler said sales of its Mercedes-brand cars amounted to 264,100 vehicles in the period from January to March, a slight decline of 0.86 per cent from the figure for the corresponding period of 2001.
In March alone, sales of Mercedes cars were down five per cent at 102,800 units, the statement said.
In Germany alone, sales were down two per cent at 83,000 in the first quarter, while sales in Italy, Britain and France were actually on the increase.
US sales, too, rose by seven per cent to more than 50,000 cars.
But the positive forecasts failed to impress investors and shares in the car maker fell to an intraday low of €48.65 on the Frankfurt stock exchange, a drop of €1.44 or 2.9 per cent on the day.
AFP