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."
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.
