The entrance to the headquarters of German car producer Daimler AG is seen in Stuttgart, southern Germany, on Tuesday (Feb 11). Mercedes-Benz parent company Daimler reported plunging profits for 2019, after setting aside billions of euros to deal with potential fallout from the industry-wide "dieselgate" emissions cheating scandal. - AFP
STUTTGART: Daimler's chief executive Ola Kallenius suffered a grim first year in post in 2019 as profits tumbled at the Mercedes-Benz parent company due to billions in costs from the "dieselgate" scandal, while thousands of job cuts lie ahead.
"We cannot be satisfied with our bottom line," Kallenius said in a statement Tuesday (Feb 11), pointing to "measures to cut costs and to increase cash flows" after net earnings slumped 64% year-on-year, to 2.7 billion euros (US$2.9bil).
Limited time offer:
Just RM5 per month.
