Daimler to cut jobs to save 1.0b euros by end-2022

Daimler said 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.