Daimler to cut fixed costs by more than 20% by 2025 By Reuters

© Reuters. The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin

FRANKFURT (Reuters) – Daimler (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.

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