Daimler Reins In Investments After Electric Engines Prompt Surge
- Company to scale back capital, R&D spending after 2016 jump
- Battery, conventional car technology both need funds, CEO says
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Daimler AG will scale back investments in plants, equipment and new technology from a peak this year stemming in part from its creation of the EQ electric-car sub-brand, amid a push to maintain profitability.
The manufacturer “is fighting” to get capital and research-and-development spending down to 12 billion euros ($13.2 billion) to 13 billion euros next year from 14 billion euros in 2016, Chief Executive Officer Dieter Zetsche told reporters at the Hamburg club of business journalists late Tuesday.