BREAKING NEWS

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)
Text size Aa Aa

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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.