FRANKFURT (Reuters) – Daimler DAIGn.DE on Tuesday said it will cut fixed costs, capex and research and development expenditure by more than 20% by 2025 compared with 2019 levels as part of a strategy overhaul to reposition Mercedes-Benz as a luxury brand.
Earlier this year, Mercedes-Benz stopped building sedans in the U.S. to focus on more more profitable SUV’s, combined its fuel cell development with Volvo Trucks, and halted an automated development alliance with BMW.
Reporting by Edward Taylor; Editing by Riham Alkousaa