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11/14, 9:20 AM (Source: TeleTrader)
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Daimler+2.00%

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Chart for: DAIMLER AG NA O.N.

Daimler announces cost cuts

German automotive company Daimler AG presented on Thursday its new sustainable business strategy at the event dubbed Capital Market Day that will last for two days.

The company decided to start with the CO2-neutral mobility policy and says it wants to position the company for sustainable change in the future.

Daimler chairman Ola Kaellenius said: "The expenditure needed to achieve the CO2 targets require comprehensive measures to increase efficiency in all areas of our company. This also includes streamlining our processes and structures. This will have a negative impact on our earnings in 2020 and 2021. To remain successful in the future, we must therefore act now and significantly increase our financial strength."

Last week the company announced it is planning to eliminate 1,100 global management positions, including one-tenth of the positions in Germany.

Breaking the News / TF