Daimler cannot slow down its efforts to cut costs next year despite an expected improvement in markets, its chief executive has said.
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“We cannot afford to achieve less on the cost side as in 2009 due to the conditions,” Dieter Zetsche told Die Welt in a report scheduled for Thursday publication, referring to the lack of a considerable recovery in demand.
Daimler aims to save EUR4bn (US$5.63bn) for this year, with half coming from reduced labour costs, but has warned that the amount would not be a permanent reduction in its cost base, Reuters noted.
Zetsche also said he was not worried about a possible hostile takeover, thanks to Gulf investors Kuwait and Abu Dhabi that together hold about 16% of Daimler shares.
“Theoretically the possibility is naturally there always, but in reality the risk is close to zero,” he added.
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By GlobalDataDaimler recently took a 10% stake in electric sportscar vehicle maker and EV partner Tesla.
