Daimler will stop building Mercedes-Benz sedans in the United States and Mexico as it seeks deeper cuts after posting a smaller-than-expected quarterly loss. It announced the changes alongside a second-quarter operating loss of 1.68 billion euros ($1.91 billion) on Thursday ahead of the scheduled release date of July 23. SEE ALSO: Apple launches phone-based car keys, new features at developer conferenceDaimler said it spent 129 million euros on buyouts and early retirement. Daimler said it had incurred 687 million euros in restructuring costs to retool its global production network of factories producing Mercedes-Benz cars. Daimler had previously said it is seeking to save more than 1.4 billion euros from annual staff costs.

Source: Standard Digital July 17, 2020 12:45 UTC