Mercedes-Benz Cars to slash €1bn in costs by 2022

Daimler shares fell sharply on Thursday after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021, forcing it to seek more than €1 billion (roughly R16,324,670,000) in personnel cuts at Mercedes-Benz Cars by the end of 2022.

The company said it expects to achieve a return on sales from operating activities at Mercedes-Benz Cars & Vans of at least 4% in the year 2020 and at least 6% in 2022.

Earlier this year, Daimler had said it hoped to achieve a return on sales of 3% to 5% at Mercedes-Benz Cars.