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rover_75
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Please see below courtesy of todays Daily Telegraph, I think the Union Investments spokesman statement especially profound :

'He asked why anybody would still want to buy a Mercedes. "If you pay a premium price, you expect premium quality. One has the impression that at least one cylinder isn't turning properly at this firm," he said.'
Daimler feels wrath of shareholders
(Filed: 07/04/2005)


The chief executive of DaimlerChrysler, Jürgen Schrempp, faced a hail of abuse from angry shareholders yesterday over costly management blunders and an alarming slide in quality at Mercedes.

The uproar at the annual meeting, in Berlin, follows last week's disastrous recall of 1.3m Mercedes cars with faulty alternators and software. Mercedes sales fell 9.2pc in the first quarter against a year earlier.

Mr Schremmp still commands enough support from major shareholders to hang on to his job

Germany's largest equity fund, DWS, said the group had "exhausted shareholder patience" with a string of errors and ventures overseas with Mitsubishi Motors and Chrysler.

The fund's chief, Klaus Kaldemorgen, accused Mr Schrempp of "shooting himself in the foot" and said the crisis was now so serious the task was to "save" the company.

DaimlerChrysler shares, which fell slightly to €34.26 in Frankfurt yesterday, have lost two thirds of their value over seven years.

Mr Schrempp admitted that quality at Mercedes had "not been under control" and promised to restore his group's reputation as a matter of "absolute priority". Predicting rosy profits next year, he said tough restructuring would slash €3billion a year from overall costs by 2007: "We have made clear progress, even if we're not yet fully satisfied."

His optimistic talk failed to assuage angry shareholders, who lined up to berate him in language rarely heard at Germany's stuffy corporate venues.

Union Investment's Thomas Meier slammed Mr Schrempp for issuing misleading forecasts year after year, and said the seven-year merger with Chrysler had bled the company dry.

He asked why anybody would still want to buy a Mercedes. "If you pay a premium price, you expect premium quality. One has the impression that at least one cylinder isn't turning properly at this firm," he said.

Thomas Körfgen, head of equity funds at SEB, said: "Herr Schrempp, we've had five years of mismanagement. Every year, there's another division with a catastrophic development."

Mr Schremmp still commands enough support from Deutsche Bank (which holds 10.2pc), the Kuwaiti investment arm, and other core shareholders to hang on to his job. But equity funds are becoming much bolder in Germany and many were expected to abstain at the shareholder vote last night.

DaimlerChrysler earned robust profits of €5.8billion in 2004 on the strength of booming sales by the aerospace conglomerate EADS, in which it holds a 32pc stake.

But overall profits are expected to drop sharply in 2005 as the strong euro bites deeper into American and Asian sales. Mercedes' profits collapsed to €20m in the last quarter of 2004, from €784m a year earlier.

2 April 2005: Daimler jobs go in Smart car overhaul
 

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Rufras said:
Please see below courtesy of todays Daily Telegraph, I think the Union Investments spokesman statement especially profound :

'He asked why anybody would still want to buy a Mercedes. "If you pay a premium price, you expect premium quality. One has the impression that at least one cylinder isn't turning properly at this firm," he said.'
Daimler feels wrath of shareholders
(Filed: 07/04/2005)

Cylinders that turn? Is this some new engine innovation ?
 

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Well, one day my father brought back a very top of the range merc, SL500/600 I can't exactly remember, but anyway, this car had the 5.0 V8 engine in it, so it was very fast, and he let me drive it to the petrol station on my own!
:eek:mg:
This car was so fast it scared the turd out of me, apart from the awsome power, the interior had alot to be desired.

The centre consle with the CD ROM system and Sat Nav was rattling and the nice wooden steering wheel, which felt very nice to use, felt as if it was "splitting" in the middle of the wheel, And even though their was nothing wrong with the car every time I turned it off the digital screen on the dashboard kept saying "Found 6 Faults" Then "Found 2 Faults" and then "No Faults" it was pretty odd.

It was a very nice car, looked good! But when you pay over £60,000 for these kind of cars you expect alot better than that.

I think it was an X Plate.
 

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I work for a merc dealer and take it from me,from the Aclass upto the Sclass they are just dreadful but the badge sells and not the problems the customers just accept it as being a minor problem ar$eholes
 
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