Layoffs will be carried out by end of 2022 as part of efforts to reduce personnel spending by €1.4 bil. FMTNews Mercedes
FRANKFURT: Daimler AG plans to eliminate more than 10,000 jobs worldwide to revive profit margins squeezed by heavy investments in electric and self-driving vehicles, following on the heels of rivals BMW AG and Volkswagen AG’s Audi division in mapping out cost savings.
The company plans to widen early-retirement programmes and offer buyouts to reduce administrative staff in Germany. A target for 2020 of at least 4% operating return on sales at the main Mercedes cars unit disappointed investors, coming in at less than half of what French mass-market peer PSA Group generated in the first half of this year.The Stuttgart-based automaker’s shares fell 0.6% to €51.64 as of 12:03pm in Frankfurt trading.Automakers have unveiled plans for record investment to develop new technology to meet stricter emissions regulations in key markets.
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