- Title: GERMANY: DAIMLERCHRYSLER COMPANIES ANNUAL GENERAL MEETING IN BERLIN.
- Date: 7th April 2004
- Summary: (U4) BERLIN, GERMANY (APRIL 7, 2004) (REUTERS) PAN: DAIMLERCHRYSLER SHARHOLDERS ARRIVING FOR ANNUAL MEETING AT BERLIN FAIR. VARIOUS: OF EXHIBITION HALL. (2 SHOTS) MLV/WS: OF ANNUAL MEETING. (2 SHOTS) CU/SCU: OF JUERGEN SCHREMPP, DAIMLERCHRYSLER CHIEF EXECUTIVE SEATED ON PODIUM. WS: OF ANNUAL MEETING. SCU: (SOUNDBITE) (German) JUERGEN SCHREMPP, DAIMLERCHRYSLER CHIEF EXECUTIVE SAYING "The introduction of the first satellite-based toll collecting system is a difficult task. Toll Collect did even worse than we expected". WS: OF SCHREMPP SPEAKING. SCU: (SOUNDBITE) (German) JUERGEN SCHREMPP SAYING "We got involved with Mitsubishi Motors to enter one of the biggest growth potentials in the industry. Mitsubishi Motors has an established access to the Asian market, a close dealership network and long-term know-how in the compact car sector. Despite the problems I mentioned our cooperation so far is fruitful".
- Embargoed: 22nd April 2004 13:00
- Location: BERLIN,GERMANY
- Country: Germany
- Topics: Economy
- Reuters ID: LVAABEOMHMOUCVHFMA2FXD5Y8PSQ
- Aspect Ratio:
- Story Text: DaimlerChrysler AGs chief executive defends his global strategy as investors vented their anger.
"We got involved with Mitsubishi Motors to enter one of the biggest growth potentials in the industry", CEO Juergen Schrempp told the roughly 8,000 shareholders assembled in Berlin for the annual general meeting on Wednesday (April 7).
"Mitsubishi Motors has an established access to the Asian market, a close dealership network and long-term know-how in the compact car sector", Schrempp said.
Japan's Mitsubishi Motors, in which Daimler has a 37 percent stake, is in desperate need of a capital injection.
Daimler is hoping to secure 700 billion yen ($6.71 billion) in funds to rescue its Japanese partner, a source close to the auto makers revival talks said on Wednesday.
A restructuring programme for Japan's only unprofitable carmaker will be presented on April 30 during its extraordinary shareholder meeting in Tokyo.
DaimlerChrysler has attempted to build up a global carmaking empire that benefits from economies of scale achieved via the sharing of investment and engineering costs across its various holdings.
But with Chrysler posting a full-year loss in 2003 and Mitsubishi expected to report a significant loss for the fiscal year ending March 31, Daimler has been preoccupied with putting out fires at its various subsidiaries and businesses.
Stock in the company was down 1.37 percent at 35.31 euros by 1209 GMT, compared to a 0.6 percent drop on the DJ Stoxx Autos index.
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