DaimlerChrysler Raises Growth Expectation

DaimlerChrysler’s annual sales and operating profit growth target of about 5% between 1999 and 2001 is “decidedly too conservative,” the world’s fifth-largest auto maker said. The German company, formed by a $42-billion merger late last year, confirmed comments by co-Chairman Juergen Schrempp in a German magazine that it expected to outstrip earlier earnings and sales goals in its first three full years of business. Schrempp also said in the interview that his firm would consider buying back shares next year if it could not find other suitable investment opportunities. DaimlerChrysler, which has been looking for a partner in Asia to build up its commercial vehicles business, did not see any opportunities for an alliance in the region at the moment, Schrempp said. Separately, DaimlerChrysler hired General Motors Corp. engineer Larry Lyons to lead its small-car development group in the U.S. Lyons, 51, spent 34 years with GM, most recently as executive director of vehicle integration.The hiring comes after five high-level former Chrysler Corp. executives left in the wake of Daimler-Benz’s acquisition of Chrysler.