Daimler Warns on Profits, Aims to Cut Labor Costs


BERLIN—Daimler AG said it would cut more than 1,000 executive positions as part of a plan to reduce labor costs by $1.1 billion by 2022, but warned that this and efforts to meet stricter emission targets would dent profits for the next two years, causing a sharp fall in the Mercedes-Benz maker’s shares.

The auto industry is being squeezed by the high costs of developing new electric cars, which are yet to generate big sales volumes. Consumers continue to be skeptical of electric models, shunning the high price of the vehicles…

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