"By the end of 2022, Mercedes-Benz Cars plans to save more than 1 billion euros in personnel costs. "The expanded range of plug-in hybrids and all-electric vehicles is leading to cost increases that will have a negative impact on Mercedes-Benz Cars' return on sales," it added. The Süddeutsche Zeitung last week reported, citing an email sent to staff by the group's works council, that it would cut 1,100 management jobs worldwide. The German car industry as a whole is confronting weaker-than-expected growth, weighed down by US-China trade conflicts and Brexit uncertainty. The setbacks pushed Daimler into a net loss of €1.2 billion in the second quarter, its first three-month loss in 10 years.

Source: The Local November 14, 2019 08:50 UTC