Daimler AG to trim 15,000 jobs to cut costs amid waning auto demand


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Daimler AG to trim 15,000 jobs to cut costs amid waning auto demand

Daimler AG, the Stuttgart-based 94-year-old German luxury carmaker has been ramping up its pre-existing cost-slashing attempts and mulling an option to axe as many as 15,000 jobs amid waning passenger car demands, a German Newspaper Handelsblatt report published on Sunday, the 9th of February 2020, had revealed citing sources familiar with the subject-matter.

In point of fact, manufacturer of the luxury car brand Mercedes-Benz, Daimler AG’s latest development over its cost-slashing approaches came against the backdrop of its earlier remark in November, while the carmaker said it was brewing off an option to cut at least 10,000 jobs aimed at reducing staff costs by $1.5 billion at the end of 2022, nonetheless, Sunday’s (Friday 9th) Handelsblatt report quoted another source closer to the carmaker as saying that the number of jobs the German carmaker was planning to shrug off would be heightened up significantly over the coming years.

On top of that, Sunday’s (February 7th) report from the German newspaper, Handelsblatt had also quoted another source close to the automaker as saying that the Stuttgart-based automaking industry Goliath would announce its expanded savings at its annual news conference as early as by Tuesday (February 11th), while the report had also added that Daimler AG Chief Executive Ola Kaellenius had pledged to reduce investments in money-draining projects at a meet with the management board members that took place over the weekend.