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DaimlerChrysler completes introduction of the euro

DaimlerChrysler has adopted the euro for its entire operations, including vehicle pricing on the continent.

The company has been paying its bills in euros since 1999 and customers given thechoice of ordering and paying in euros or in their national currencies. This will change with the latest announcement – but price lists will continue to appear in national currencies until the beginning of 2002.

Euro conversion and the elimination of transaction and exchange rate hedging costs will save the company about 50 million euros (£31m) per year. Manfred Gentz, board member responsible for finance and controlling, said: “The euro has been the company currency since 1999. Looking back we can see that the decision to convert to the euro at the earliest time possible was the right one. For nearly three years the company has been planning and tranacting in euros and can now focus on exploiting the advantages brought about by the further development of the great European internal market.”

The announcement has no impact on pricing in the UK.

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