The cost of repairs has the Mercedes car group of DaimlerChrysler AG seeing red.
The group slid to an operating loss of $1.24 billion in the first quarter of this year, its first loss since 1993. A year ago, it posted an $829.0 million profit.
Overhauling the Smart brand cost $1.04 billion in the quarter. The group also spent about $645.0 million fixing Mercedes-Benz quality issues.
Overall, DaimlerChrysler posted an operating profit of $814.0 million for the first quarter, down from $2.01 billion a year ago.
The bright spot: the Chrysler group, with an operating profit of $327.0 million vs. $393.0 million a year ago.
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