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Daimler to deepen cost cuts after expected quarterly loss

Daimler to deepen cost cuts after expected quarterly loss

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Daimler (DAIGn.DE) will deepen cost cuts because of an expected second-quarter operating loss and despite some signs of a recovery in demand for luxury cars, the chief executive said on Wednesday.

 

Daimler said sales of its Mercedes-Benz brand dropped almost 19% to about 870,000 cars in the first half, although the brand achieved its best second quarter sales so far in China.

 

Despite the rebound in China, the business losses racked up in recent months would not be recovered by the end of the year, demanding more cost cuts, CEO Ola Kaellenius told shareholders. […]

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Featured photo : © Daimler

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