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2,037 views Apr 29, 2009

Apr.29 (GMM) Even if Mercedes was to pull out of formula one, it would not save its struggling parent Daimler money, an official said on Tuesday.

"We look into our formula one commitment every year. But even if we dropped out now, we wouldn't be saving a cent because the contracts are long-term," Daimler chief financial officer Bodo Uebber is quoted as saying by German press.

But he pointed out that Daimler has "no sacred cows", meaning that a future withdrawal from formula one cannot be ruled out.

Daimler reported a net loss of US $1.7bn for the recent January-March quarter.