(Reuters) – Germany’s Daimler Truck said on Wednesday it has cut its full year revenue outlook to a range of 53 billion euros ($57.30 billion)to 57 billion euros.
The truck maker had previously forecast revenue of 55 billion euros to 57 billion euros for the year.
Daimler also slashed its outlook for unit sales to a range of 460,000 to 480,000 units for the year, adding that it expects its full year profit to be below prior year’s level.
The outlook cut comes after the automaker booked an impairment in the second quarter results earlier this month on the value of its joint venture in China due to a “persistent weak market” there.
The truck maker’s announcement comes at a time when earnings of major automakers have shown, including Stellantis Porsche, and Mercedes that the automotive market has gone through a contraction in the first part of the year, while a recovery looks still uncertain for the months ahead.
The truck maker also slashed its full year revenue outlook for its industrial business to a range of 50 billion to 52 billion euros.
($1 = 0.9249 euros)
Reporting by Gnaneshwar Rajan in Bengaluru
