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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissan Motor Co Ltd    7201   JP3672400003

NISSAN MOTOR CO LTD

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Daimler to seek 6 billion euros in cost savings at Mercedes - Manager Magazin

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04/18/2019 | 09:03am EDT
The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

FRANKFURT (Reuters) - Daimler is looking to make 6 billion euros (£5.2 billion) in cost savings and efficiency gains by 2021 at Mercedes-Benz passenger cars and a further 2 billion euros at its Daimler Trucks division, Manager Magazin said on Thursday.

Around 10,000 jobs will be cut at Daimler, the business-focused magazine said, without citing sources.

Daimler declined to comment on the cost savings figure and on Manager Magazin's report but has previously ruled out forced redundancies until the end of 2020.

The magazine said the savings are being sought by Daimler's Ola Kaellenius, who will become Chief Executive in May.

Daimler said in February it would pursue cost saving measures after fourth-quarter operating profit plunged 22 percent, hit by trade wars, rising costs for developing electric cars and an industry downturn.

Manager Magazin said around 30,000 Mercedes-Benz cars with faulty vehicle electronics were produced at its plant in Tuscaloosa, Alabama, requiring expensive reworking which was causing production delays.

Those delays had led to a revenue shortfall of around 2 billion euros and could depress first quarter earnings by up to half a billion euros, the report said.

Daimler is due to release first quarter earnings on April 26.

Manager Magazin also said Daimler plans to become a carbon neutral company by 2040, ensuring that all new cars, production methods and suppliers work in ways which do not produce carbon dioxide emissions.

Separately, Kaellenius will not renew common projects with French carmaker Renault and Nissan, letting an alliance between the carmakers lapse, the magazine said.

(Reporting by Edward Taylor; Editing by Michelle Martin and Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 0.21% 47.43 Delayed Quote.3.31%
NISSAN MOTOR CO LTD -0.94% 740.6 End-of-day quote.-13.49%
RENAULT 0.03% 49.985 Real-time Quote.-8.37%
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Financials (JPY)
Sales 2020 11 456 B
EBIT 2020 -
Net income 2020 390 B
Debt 2020 6 580 B
Yield 2020 6,49%
P/E ratio 2020 7,74
P/E ratio 2021 6,43
EV / Sales 2020 0,85x
EV / Sales 2021 0,82x
Capitalization 3 126 B
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Mean consensus HOLD
Number of Analysts 20
Average target price 885  JPY
Spread / Average Target 19%
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Managers
NameTitle
Hiroto Saikawa Vice Chairman, President & Chief Executive Officer
Hiroshi Karube Chief Financial Officer
Takao Asami Senior Managing Executive Officer & Head-Research
Anthony Thomas Chief Information Officer & Corporate VP
Carlos Ghosn Bichara Director
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