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Friday April 01, 08:23
Daimler to revamp Smart unit
(by Dr.Goldfinger)

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The world’s fifth-biggest carmaking company DaimlerChrysler AG said it has an option to spend as much as 1.2 billion euros ($1.6 billion) to revamp its Smart unit.

Unprofitable Smart needs to be revamped, otherwise the company stands to lose it. New two-seater model will be developed as part of the program. The move is aimed at attracting more consumers in the US, the company said in a statement.

Daimler’s Smart ForTwo model, launched in 1998, brought 2.5 billion euros in losses to the company.
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