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Mercedes-Benz Cars to slash €1 billion in costs by 2022

Mercedes-Benz Cars to slash €1 billion in costs by 2022
FILE PHOTO: An employee of German car manufacturer Mercedes Benz prepares the company's logo prior to its installation at the A-class production line at the Daimler factory in Rastatt, Germany, February 4, 2019. REUTERS/Kai Pfaffenbach/File Photo   -   Copyright  Kai Pfaffenbach(Reuters)
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FRANKFURT (Reuters) – Daimler <DAIGn.DE> shares fell sharply on Thursday after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021 forcing it to seek more than 1 billion euros (£861 million) in personnel cuts at Mercedes-Benz Cars by end of 2022.

The company said it expects to achieve a return on sales from operating activities at Mercedes-Benz Cars & Vans of at least 4% in the year 2020 and at least 6% in 2022.

Earlier this year, Daimler had said it hoped to achieve a return on sales of 3% to 5% at Mercedes-Benz Cars.

(Reporting by Edward Taylor; editing by Thomas Seythal)

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