Direct costs of Daimler diesel recall in Europe limited

FRANKFURT, Germany — Automaker Daimler's recall and software fixes for 774,000 Mercedes-Benz cars and vans in Europe will likely cost close to or more than 100 million euros ($118 million.)

Analyst Marc-Rene Tonn at Warburg Research provided the estimate on Tuesday. Tonn says the direct financial impact will be "limited" because cooperation with authorities should allow Daimler to avoid penalties of up to 5,000 euros per vehicle.

German Transport Minister Andreas Scheuer ordered the recall that affects 238,000 cars in Germany on Monday. Scheuer said the cars had software that improperly turned off emissions controls.

Daimler confirmed Tuesday that the order will lead to the recall of all affected vehicles in Europe. The engines at issue were not offered in the United States. The company says it may appeal legal aspects of the decision.

You may also like these

China urges US to avoid damaging business...

Apr 26, 2018

China urges Washington to avoid damaging business confidence following report U.S. investigating...

China tech giant sidelined, US imports held amid...

May 10, 2018

China tech giant sidelined, US imports held amid trade spat

China: Smaller trade surplus, OK. But tech...

Jun 4, 2018

China says it will narrow its trade surplus with the United States but rejects pressure to change...

Foxconn chief: US-China dispute over tech, not...

Jun 6, 2018

The head of Taiwan's Foxconn, which assembles Apple iPhones and other tech products, says...

Zero-emission boat prepares for round-the-world...

Jan 11, 2017

The first self-sufficient boat powered only by emission-free energy will start a six-year trip...

About Us

Science Tech Today is all about the present with what’s new in the Science and Technology world. “Keep up with today, and don’t be left behind.”

Contact us: sales[at]sciencetechtoday.com

Subscribe Now!