Mercedes-Benz to Cut Costs by Several Billion Euros Per Year

Dow Jones11-22

By Adam Whittaker

Mercedes-Benz said it will reduce its costs by several billion euros per year over the coming years.

The German carmaker said Thursday that the cost reductions come at a time when the global economic situation remains extremely volatile.

Mercedes-Benz did not set out specific measures.

In October, its Chief Financial Officer, Harald Wilhelm, said it was stepping up efforts to boost efficiency and cost improvements in light of the market situation.

Automakers have suffered as demand for electric vehicles slows and competition from local car makers in China increases. Several European carmakers have warned of falling sales and cut-profitability forecasts, while Volkswagen is considering factory closures in Germany to costs.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

November 21, 2024 12:30 ET (17:30 GMT)

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