Daimler cost cuts to hit Germany hardest - Stuttgarter Zeitung

  • In Business
  • 2019-12-03 09:28:50Z
  • By Reuters
FILE PHOTO: Daimler AG annual shareholder meeting in Berlin
FILE PHOTO: Daimler AG annual shareholder meeting in Berlin  

FRANKFURT (Reuters) - Daimler's <DAIGn.DE> 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)


More Related News

Lufthansa CEO says it
Lufthansa CEO says it's seeking state aid in Germany, other countries
  • US
  • 2020-04-08 18:58:00Z

Lufthansa will seek state aid in Germany, Switzerland, Belgium and Austria as the coronavirus crisis that forced it to ground almost all of its planes will persist longer than feared, the German airline's chief executive said. "I am optimistic that the talks in Bern, Berlin, Brussels and Vienna will lead to good and positive results," CEO Carsten Spohr said in a video message to staff that was posted online. People close to the matter told Reuters last week that Germany was in talks to provide Lufthansa, which has grounded 95% of its fleet due to the pandemic, with billions of euros in state aid and could take a stake in the airline.

AP PHOTOS: German charity goes home-to-home in virus crisis
AP PHOTOS: German charity goes home-to-home in virus crisis

Poor families are particularly hard-hit by the coronavirus pandemic, even in rich countries like Germany. A small Christian charity that provides help to about 1,300 poor families across Germany is now delivering food, diapers, soap and children's games to their doorstep.

Germany caught up in mask fraud scheme
Germany caught up in mask fraud scheme

Authorities in Germany have fallen victim to a multi-million-euro fraud involving masks much needed in the coronavirus pandemic, prosecutors said Tuesday. The German managing director of two distribution companies based in Zurich and Hamburg raised the alarm after realising he had been tricked. According to the man's police report, he received an offer from companies allegedly based in Asia in mid-March to supply the masks and subsequently attracted the large order from North Rhine-Westphalia.

Merkel warns on EU
Merkel warns on EU's future as US braces for worst of virus
  • World
  • 2020-04-06 16:38:19Z

European leaders battling a deadly coronavirus outbreak are facing the "biggest test" to their union, Germany's leader said Monday, as the United States braced for what authorities warned would be its hardest week in living memory. As France bluntly warned that it faces the deepest recession since World War II, Germany's Chancellor Angela Merkel called for European nations to work together to rebuild from the deadly pandemic gripping the continent. Japan announced an imminent state of emergency and a trillion-dollar stimulus package, while the United States prepared to cross the 10,000 death mark and its top doctor compared the likely impact of the outbreak in the week ahead to 9/11 or...

Coronavirus pandemic is historical test for EU, Merkel says
Coronavirus pandemic is historical test for EU, Merkel says

The coronavirus is the European Union's biggest ever challenge and member states must show greater solidarity so that the bloc can emerge stronger from the economic crisis unleashed by the pandemic, German Chancellor Angela Merkel said on Monday. Germany and the Netherlands have been criticised by Italy and Spain - the two countries worst affected by the coronavirus outbreak - for rejecting calls that the euro zone issue common debt to cushion the economic impact of the pandemic. Merkel reaffirmed Germany's opposition to pooling its debt with other countries in the euro system but said she supported using the currency bloc's bailout fund to help badly affected countries to weather the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


  • Leselitte
    (2020-01-25 01:40:31Z)

    Methotrexate And Amoxicillin Interactions http://cialibuy.com - cialis 5mg Prednisone For Dogs For Sale Buy Cialis Topical Amoxicillin For Cats

  • StevGuaw
    (2020-02-09 00:50:00Z)

    Coreg Fpr Cheap With No Prescription http://buyciallisonline.com/# - Cialis Soft Tabs Viagra Cialis Propecia Interactions Drug Information


Top News: Business