Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung

FRANKFURT (Reuters) - Daimler's workforce in Germany will bear the brunt of 1.4 billion euros ($1.5 billion) in cost cuts planned by the end of 2022, the head of the carmaker's works council told a newspaper.

"Two thirds of the sum are to be saved in Germany," Michael Brecht told Stuttgarter Zeitung.

Daimler said on Friday it would cut at least 10,000 jobs worldwide over the next three years, following others in the industry seeking savings to invest in electric vehicles and to cope with weakening sales. [nL8N2892M6]

"Neither savings potential of 1.4 billion euros nor job cuts of at least 10,000 people has been okayed by the works council," Brecht said, adding management and labor representatives had agreed not to give a number for job reductions.

Daimler has repeatedly cut its profit outlook over recent months, partly to cover a regulatory crackdown on diesel emissions but also because of a slowing auto market.

(Reporting by Ilona Wissenbach; Writing by Christoph Steitz; Editing by Edmund Blair)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Nvidia scales back $250 billion OpenAI data center guarantee, WSJ reports
• Exclusive-Jane Street took $15 billion hit in July tied to Situational Awareness, AI selloff, sources say
• Putin says Russia, North Korea coordinating on regional security, KCNA reports