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Daimler recall 'immaterial' to company, Evercore ISI says

The German govt has ordered Daimler AG [xe: dai] to recall 774,000 diesel-powered cars in Europe in an effort to replace engine-management software, but the recall will be "immaterial" for Daimler as the prices are estimated to be less than 100 million euros, or about $118 million, analysts at Evercore ISI mentioned in a note Monday. It may be clear that there shall be no fines, and German courts could best threaten consequences in case the corporate did not act, the analysts mentioned. Moreover, "we don't see any evidence that Daimler was designing software to deliberately cheat on emission testing," they mentioned.