Daimler Sees ‘Slight’ Profit Gain This Year After Drop in 2018
- Mercedes maker is preparing ‘comprehensive countermeasures’
- Slight increases in revenue, profit is forecast for this year
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Daimler AG is preparing a “comprehensive” cost-cutting program as the German automaker fights through a U.S.-China trade spat, slowing demand in Europe and North America and surging expenses to develop electric vehicles.
The Mercedes-Benz manufacturer is accelerating efforts to shore up flagging margins as pressures that weighed on last year’s earnings are unlikely to blow over anytime soon. After a 29 percent drop in 2018 net profit, Daimler cut its dividend for the first time in nine years and forecast only a “slight” increase in earnings before interest and tax this year.