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Daimler Reports Preliminary Q2 EBIT

Daimler AG (DDAIF.PK) Thursday reported second-quarter preliminary group EBIT of a loss of 1.68 billion euros, and adjusted EBIT of a loss of 708 million euros.

The company said its group adjusted EBIT, Mercedes-Benz Cars & Vans segment's adjusted EBIT and Daimler's Industrial Free Cash Flow for the second quarter are all above market expectations, driven by a "better than expected market recovery and a strong June performance."

"This has been a complex quarter. We took proactive decisions on costs and spending and focused intensely on working capital management. We were then able to seize opportunities allowed by the market recovery, thanks to our compelling product line-up. We also announced key strategic partnerships in electrification and vehicle software during the quarter that position us well for the future. But, there is still much to do. Our systematic efforts to lower the breakeven of the company by reducing costs and adjusting capacity will need to continue," Chairman Ola Källenius.

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