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Daimler profits fall as rivals pull ahead in Asia

24 April 2013 Last updated at 12:50 BST

Mercedes-Benz parent Daimler has reported a sharp drop in first quarter earnings, after profits plunged at both its passenger car and its commercial truck business.

Pre-tax profit was halved compared to the same quarter last year at 917m euros ($1.2 billion).

Meanwhile, there has been a sharp drop in sales of luxury cars in Germany, historically one of Europe's most buoyant and biggest markets.

Jeremy Howell reports.