The turnaround also comes at a time when two of Europe’s biggest truck and bus brands MAN and Scania shut operations in India after unsustainable losses.
Six years after setting foot in India, Daimler AG’s truck and bus making company recorded yearly profits for the first time last year. With sales growth of 35 percent, 2018 was also the best year for the company since starting sales operations in 2012.
This is considered to be a thorough turnaround for Daimler considering only four years earlier the company was declared financially sick after a massive erosion in its net worth in 2014. Company officials declined to give details of the profit.
The turnaround also comes at a time when two of Europe’s biggest truck and bus brands — MAN and Scania — shut operations in India after unsustainable losses. Volkswagen Group firm MAN shut India operations while another group company Scania halted its bus making operations, both in 2018.