Mercedes doesn’t intent to pull out of Formula One racing despite large first-quarter losses by its parent company and massive cost-saving measures.
Daimler, the parent company, reported a net loss of $1.7 billion in the January-March period compared with a net profit of more than $1.74 billion in the first quarter of 2008.
“We look into our Formula One commitment every year. But even if we dropped out of Formula One now, we wouldn’t be saving a cent because the contracts are long-term,†Daimler’s chief financial officer Bodo Uebber said Tuesday.
Mercedes supplies engines to the McLaren, Brawn and Force India teams…Â Details
This entry was posted
on Tuesday, April 28th, 2009 at 2:03 pm and is filed under Automobile, Formula & Indy Cars.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.