Daimler: Shift to electric cars non-negotiable despite virus

FRANKFURT, Germany (AP) — The maker of Mercedes-Benz luxury cars says the virus outbreak won’t halt its electric car offensive. Ola Kallenius said investment in new technology was “non-negotiable” despite the massive disruption from the virus outbreak. The company is now emerging from its manufacturing shutdown only gradually. Kallenius said first quarter earnings were down from last year as the company went into in cost management and cash preservation mode with factories closed. Net profit was only 168 million euros in the first quarter compared to 2.1 billion in that same quarter last year.