Daimler cuts dividend on lower profit

The chairman of Chinese carmaker Geely said late on Friday he had bought an almost 10 percent stake in Daimler, in a $9 billion bet to access the Mercedes-Benz owner's technology. The move poses a challenge to Daimler, which as well as its Chinese partnership with BAIC Motor Corporation

STUTTGART: Daimler cut its dividend as fourth-quarter operating profit fell 22% as trade wars and rising costs for developing electric and self-driving cars hit profits at Mercedes-Benz cars, the company said.

Daimler said the return on sales at Mercedes-Benz cars fell to 7.3% in the fourth quarter from 9.5% in the year-earlier period.