Global Economy

Daimler set to slash jobs to save 1 billion euros

FRANKFURT: Daimler said on Thursday it planned to cut jobs to save more than 1.0 billion euros ($1.1 billion) by the end of 2022, as the German luxury carmaker grapples with an expensive switch to greener vehicles.

The Mercedes-Benz maker has also been hit by expensive recalls, a slowing global market and a 870-million-euro fine for having sold vehicles that did not conform with legal emissions limits.

“By the end of 2022, Mercedes-Benz Cars plans to save more than 1 billion euros in personnel costs. To this end, jobs are to be reduced,” the company said in a statement.

Daimler, which employs around 304,000 people worldwide, did not specify how many jobs would be slashed overall but said 10% of management positions would be affected. The Sueddeutsche Zeitung last week reported, citing an email sent to staff by the group’s works council, that Daimler was to cut 1,100 management jobs.


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