FRANKFURT: Daimler AG vowed to cut costs and boost efficiency across the company to restore profit margins and tackle unprecedented industry shifts poised to reshape global transportation.
“We cannot and will not be satisfied with the current level of profitability,” Chief Executive Officer Dieter Zetsche said in a statement.
“Everything is under scrutiny: fixed and variable costs, material and personnel costs, investment projects, vertical integration and the product range.”
Daimler’s goal is to return Mercedes-Benz Cars and Mercedes-Benz Vans to a “profitability corridor” of 8% to 10% by 2021, the company said. At the heavy trucks and bus divisions, the goal is to achieve a sustainable return of 8% and to “unlock further potential,” it added. - Bloomberg