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BUSINESS
May 22, 2008 | From Times Wire Services
Daimler said it agreed to buy the shuttered Carlsbad, Calif., automotive design studio of former partner Chrysler. Daimler will use the center for designing vehicles, said a spokesman for the Stuttgart, Germany, company. He didn't disclose the terms.
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BUSINESS
April 2, 2010 | Bloomberg News
Two Daimler units pleaded guilty to violations of the U.S. Foreign Corrupt Practices Act as part of an agreement with prosecutors to resolve allegations that the German carmaker paid bribes to foreign officials. Lawyers for the units, DaimlerChrysler Automotive Russia in Moscow and Daimler Export and Trade Finance in Berlin, entered the pleas Thursday before U.S. District Judge Richard Leon in Washington. Both subsidiaries pleaded guilty to conspiring to violate the corrupt practices act and to violating its anti-bribery provisions.
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BUSINESS
August 26, 2009 | Times Wire Reports
Chrysler has sued Daimler, seeking damages for an alleged breach of contract the U.S. automaker said may derail manufacturing of its vehicles for the 2010 model year and beyond. Daimler refuses to honor contracts transferred after the sale of Chrysler's best assets to Fiat, according to the lawsuit filed in U.S. Bankruptcy Court in Manhattan.
BUSINESS
March 18, 2010 | Bloomberg News
Kirk Kerkorian's Tracinda Corp. will pay $8.1 million to settle a class-action lawsuit brought by former DaimlerChrysler shareholders who claimed the billionaire investor sold shares in 1999 based on inside information. The shareholders sued Kerkorian and his Tracinda investment company in 2003. They alleged that James Aljian, who helped manage Tracinda's investments and served on DaimlerChrysler's shareholder committee board, passed confidential information about the company's declining cash flow to Kerkorian in 1999.
BUSINESS
May 15, 1996 | From Reuters
Daimler-Benz unveiled the world's first fuel-cell-powered vehicle Tuesday, saying it represents the auto industry's most realistic hope for eventually manufacturing a practical, pollution-free vehicle. The prototype, five years in the works, is powered by electricity generated by a controlled reaction between hydrogen and oxygen, producing an exhaust of harmless water vapor. The hydrogen is carried on board in a tank and the oxygen is drawn from the atmosphere.
BUSINESS
February 28, 2008 | From Times Wire Services
Chrysler lost about $2.7 billion in the two months after Daimler sold controlling interest in the automaker to a New York private equity firm, Daimler said in its annual report. The figure, for the period from Aug. 4 to Sept. 30, 2007, was calculated under international financial reporting standards used in Europe and not under U.S. accounting standards, Daimler said.
BUSINESS
February 18, 2002 | Associated Press
Offered for just three years, power adjusters for gas and brake pedals have become Ford Motor Co.'s best-selling optional feature. Ford markets the adjusters as a convenience that allows drivers to sit farther from the steering wheel while still reaching the pedals. The feature has been popular with consumers of all sizes, and other auto makers are beginning to offer adjusters.
BUSINESS
November 17, 2000 | Bloomberg News
DaimlerChrysler lost the support of Goldman Sachs Group Inc., as the investment bank cut its recommendation and profit forecast for the German auto maker. DaimlerChrysler, facing losses at its U.S.-based Chrysler unit, was downgraded to "market perform" from "market outperform" on concern about rising costs.
BUSINESS
September 23, 2004 | From Associated Press
Automaker DaimlerChrysler said it had signed a contract with Japan's Mitsubishi Motors Corp. in which the two companies renewed their commitment to joint production and development projects. The move followed speculation about the future of cooperation between the firms after the U.S.-German automaker in April decided against putting more money into Mitsubishi.
BUSINESS
January 12, 2002 | Bloomberg News
DaimlerChrysler forced Deutsche Telekom, Europe's most indebted phone company, to buy a software venture they now jointly own for $4.1 billion in cash, two years earlier than planned. The auto maker, which has $16 billion of debt coming due this year, sold 50.1% of Debis Systemhaus to Deutsche Telekom in March 2000, when technology stocks reached record highs. DaimlerChrysler exercised an option to sell the rest of the unit Jan.
BUSINESS
August 26, 2009 | Times Wire Reports
Chrysler has sued Daimler, seeking damages for an alleged breach of contract the U.S. automaker said may derail manufacturing of its vehicles for the 2010 model year and beyond. Daimler refuses to honor contracts transferred after the sale of Chrysler's best assets to Fiat, according to the lawsuit filed in U.S. Bankruptcy Court in Manhattan.
BUSINESS
May 20, 2009 | Martin Zimmerman
German automaker Daimler has bought nearly 10% of Tesla Motors Inc., giving a financial boost to the California electric car company. Daimler, which owns Mercedes-Benz, didn't disclose the amount of the investment, saying only that, priced in euros, the amount was in "eight figures." In January, Daimler selected Tesla to provide batteries and chargers for the German company's Smart EV electric car.
BUSINESS
March 24, 2009 | Bloomberg News
German carmaker Daimler said Monday that the sale of a 9.1% stake to an Abu Dhabi investment fund gives it an advantage over rivals that have yet to seek additional cash as automotive markets shrink. Daimler raised $2.66 billion selling new shares to Aabar Investments. The money will be used to finance fuel-saving technology such as development of battery-powered vehicles, Chief Executive Dieter Zetsche said.
BUSINESS
January 14, 2009 | Ken Bensinger
Tesla, the San Carlos, Calif.-based electric car company, said Tuesday that it had been selected to provide the batteries and chargers for Daimler's Smart EV electric car and would deliver 1,000 of the batteries this year and next. "Daimler just gave me permission this morning to announce the news," said Tesla Chief Executive Elon Musk, best known as the co-founder of PayPal.
BUSINESS
October 25, 2008 | Tim Paradis and Sara Lepro, Paradis and Lepro write for the Associated Press.
Wall Street joined stock markets around the world in a huge sell-off Friday, sending major market indexes to their lowest levels in more than five years on the belief that a punishing economic recession is at hand. A grim outlook from electronics maker Sony helped trigger the selling, and another bleak forecast from automaker Daimler added momentum to the drop. The Dow Jones industrials fell more than 500 points soon after the opening bell.
BUSINESS
September 25, 2008 | From the Associated Press
German automaker Daimler said Wednesday that it was in talks to sell its remaining stake in Chrysler to private equity firm Cerberus Capital Management. Daimler spokesman Han Tjan confirmed a report in Germany's Manager Magazin that the company was in talks to sell the 19.9% stake, but he would not say how long the discussions had taken place or give other details. Cerberus said in a statement that it approached Daimler about the purchase.
BUSINESS
November 4, 1998 | From Reuters
Chrysler Corp. and Germany's Daimler-Benz on Tuesday ended the suspense for more than 40 top managers by spelling out their new titles and responsibilities at the combined automotive giant. In a joint statement distributed to all 430,000 employees, the No. 3 U.S. auto maker and German luxury car maker provided details on who will run the support staff, finance, corporate management and procurement and supplies departments, sources said.
BUSINESS
May 22, 2008 | From Times Wire Services
Daimler said it agreed to buy the shuttered Carlsbad, Calif., automotive design studio of former partner Chrysler. Daimler will use the center for designing vehicles, said a spokesman for the Stuttgart, Germany, company. He didn't disclose the terms.
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