Daimler Sharpens Cost Cutting With Sales Recovery on Horizon
- Shareholders criticize misguided investments, profit warnings
- New Mercedes-Benz S-Class, electric EQS poised to help revamp
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Daimler AG Chief Executive Officer Ola Kallenius will widen cost cuts to shore up returns, even as the German manufacturer signaled demand for cars and trucks has started to recover from the most dramatic slump in decades.
Mercedes-Benz deliveries in China climbed to a record in the second quarter, truck orders are picking up and global car retail sales in June rose compared to the prior year, Daimler said Wednesday at its annual shareholders meeting. Still, the company will lose money in the second quarter after the coronavirus jolted markets and it started to implement “thousands” of efficiency measures, Kallenius said.