Business

Daimler cost cuts to hit Germany hardest

Your ads will be inserted here by

Easy Plugin for AdSense.

Please go to the plugin admin page to
Paste your ad code OR
Suppress this ad slot.

FRANKFURT: Daimler's workforce in Germany will bear the brunt of 1.4 billion euros (US$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.

Advertisement Advertisement

Daimler said on Friday (Nov 29) 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.

"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 nRead More – Source