Daimler Truck has lowered its outlook for 2024, with its CEO Martin Daum stating the group will now “have to work even harder to close the gap with its competitors.”
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The changed guidance comes as demand in Europe and Asia weakens.
The German manufacturer now expects group revenue of €55 billion ($59.6 billion) this year, down from €57 billion previously, Reuters reports.
Daimler Truck said it will cut hours and impose a job freeze for employees in its truck-making business in Germany,
CFO Eva Scherer said it would implement “short-term work” as of September. “We are not afraid to make tough decisions and we will do that going forward.”
CEO Martin Daum said on separate media call separately: “Job cuts at the moment are not thought of, but we’re definitely not hiring,” he said.
The firm’s H1 2024 total orders, an indicator of future sales, dropped 10% from a year ago to 198,376 units.
