By Michael Shields FRANKFURT, July 24 (Reuters) - Daimler AG (DAIGn.DE: Quote, Profile, Research, Stock Buzz) cut its 2008 earnings outlook on Thursday, saying it would not be able to offset a global growth slowdown, rising raw material prices and the strong euro by selling more vehicles and cutting costs.
"On the basis of the divisions' projections, the Daimler Group expects to post EBIT from ongoing operations of more than 7 billion euros ($11 billion) in 2008," the company said in a statement that knocked its shares down more than 10 percent.
rysler vehicles by another 17 million euros. The book value of its stake is now 171 million. Continued...

FRANKFURT, Germany (AP) - Car maker Daimler AG said Thursday its second-quarter profit slipped mainly on charges related to its stake in Chrysler LLC, and blamed its reduced full-year earnings outlook on a slowing global economy and higher production costs.
The company said profit in the April through June period fell 2 percent to 1.4 billion euros ($2.2 billion) compared to 1.8 billion euros in the same quarter a year ago. The company posted a 6 percent increase in sales to 25.4 billion euros ($40 billion) from 24 billion euros in the year-ago quarter.
cars said it continues to assume that its divisions will be able to achieve their unit sales targets for fiscal 2008, but lowered its earnings outlook.

Daimler fell as much as 7.6 percent in Frankfurt trading. Net income dropped to €1.395 billion euros, or $2.19 billion, or €1.40 per share, from €1.85 billion, or €1.74, a year earlier, the Stuttgart-based automaker said in a DGAP statement Thursday. Six analysts surveyed by Bloomberg News had forecast profit of 1.38 billion euros.
Profit before earnings and taxes will be above €7 billion, compared with an earlier forecast of "well above" €7.7 billion because of slowing growth, rising costs for steel and energy and the dollar's decline, Daimler said.
ern Star trucks, have faltered as freight companies struggle with soaring fuel prices and lower demand as the U.S. economy

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Net profit of EUR1,395 million (Q2 2007: EUR1,849 million) Earnings per share of EUR1.40 (Q2 2007: EUR1.74) Full-year EBIT from ongoing operations (excluding Chrysler) expected to exceed EUR7 billion