Luxury carmaker Daimler said it would intensify cost cuts after legal risks for ...
Daimler will provide details about potential cost cuts and its strategy on November 14 during its capital markets day.
Daimler said on Tuesday that China’s Beijing Automotive Group Co Ltd has bought a 5% stake in the company, cementing their long-standing alliance. “Daimler is blaming supplier bottlenecks and quality issues pretty much across all divisions for its poor financial performance. These are certainly not external factors outside of management’s control,” analysts at Evercore ISI said.
The carmaker declined to break down in detail how much of the amount was allocated for recalls, updates and potential fines and litigation.Daimler’s diesel pollution levels are being investigated by prosecutors in Stuttgart, Germany, where it is headquartered, as well as by the U.S. Environmental Protection Agency and the California Air Resources Board .
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