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Daimler: to cut costs to achieve CO2 targets

( - Daimler today presented a new strategy at its at its capital market day, mainly focusing on cost reductions.

The German auto giant said that the expenses needed to achieve the CO2 targets will have a negative impact on earnings in both 2020 and 2021, meaning that the group has to act now so as to increase its financial strength.

Measures include plans to save over 1 billion euros in personnel costs at its Mercedes-Benz Cars unit by the end of 2022, the group said.

Daimler also said that it intends to increase its free cash flow, aiming at achieving stable net liquidity of over 10 billion euros.

To ensure this, the carmaker plans to prioritise investment in all areas and adopt a more stringent allocation of capital.

The share was down 2.8% in Frankfurt.

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