Finance : Today's Pickup: Daimler Is Laying Off Over 1,000 Workers To Save Money Amidst Auto Sector Slowdown

German automaker Daimler has announced that it will be laying off workers to save more than €1 billion by 2022, citing the global auto slowdown and the €870 million fine it had to pay in September for selling vehicles that exceeded emissions limitations. Daimler will also be channeling resources to expand its range of plug-in hybrids and all-electric vehicles, trying to keep up with Volkswagen, which is quickly becoming one of the largest stakeholders in the electrification landscape. With the now-announced entry of Tesla into the German market, the onus is on Daimler to get its foot in the door.

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November 14, 2019 at 11:22PM