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

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)