German luxury carmaker Daimler is intensifying existing cost-cutting measures and plans to cut up to 15,000 jobs, Handelsblatt newspaper reported, citing company sources.
The group in had said in November that it would cut at least 10,000 jobs and reduce staff costs by around 1.4 billion euros ($1.5 billion) by the end of 2022, a number Handelsblatt said would be significantly exceeded.
The group plans to announce the expanded savings at its annual news conference on Tuesday, the paper said, adding that Chief Executive Ola Kaellenius would also reduce investments in loss-making projects that are not part of the core business.
The company will stop manufacturing its X-class pickup after the end of May this year. Handelsblatt said it will further streamline its product lineup by ending production of the convertible and coupe versions of the S-Class.
Daimler has issued three profit warnings in the last year. In January, it posted a huge drop in operating earnings for 2019.
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