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15 November, 2019 00:00 00 AM
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Daimler says to cut jobs to save 1b euros by end-2022

AFP, Frankfurt

Daimler said yesterday it planned to cut jobs to save more than 1.0 billion euros ($1.1 billion) by the end of 2022, as the German luxury carmaker grapples with an expensive switch to greener vehicles. The Mercedes-Benz maker has also been hit by expensive recalls, a slowing global market and a 870-million-euro fine in September for having sold vehicles that did not conform with legal emissions limits.

“By the end of 2022, Mercedes-Benz Cars plans to save more than 1 billion euros in personnel costs. To this end, jobs are to be reduced,” the company said in a statement. “The expanded range of plug-in hybrids and all-electric vehicles is leading to cost increases that will have a negative impact on Mercedes-Benz Cars’ return on sales,” it added.

Like its rivals, the Stuttgart-based firm is spending billions in the shift towards the electric, autonomous vehicles of the future. The German car industry as a whole is confronting weaker-than-expected growth, weighed down by US-China trade conflicts and Brexit uncertainty.

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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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