Mercedes-Benz owner bids to slash €1bn from wage bill as industry switches towards electric vehicles
Mercedes-Benz owner Daimler has announced plans to cut at least 10,000 jobs worldwide in the latest sign of stress in the German automotive industry as it invests billions in electric cars.
Daimler, which also makes lorries, vans and buses, said in a statement on Friday it planned to cut “thousands of jobs” by the end of 2022, but later made it clear the toll would be higher.
Continue reading...New funds thought to be enough to secure a sale to widening list of interested private bidders
The government has moved to rescue British Steel with a financial support package worth as much as £300m that ministers believe will be enough to secure backing from a private bidder.
It is understood that the Department for Business, Energy and Industrial Strategy (BEIS) has agreed to substantially increase support to bidders for British Steel, which employs more than 4,000 people, after months of wrangling following the company’s collapse into administration.
Continue reading...German carmaker’s CEO offers to travel to London to deliver message to PM saying ‘listen to business’
The boss of BMW has urged Boris Johnson to respond to calls from business to find a compromise on Brexit – and offered to travel to the UK to deliver the message to the prime minister in person.
Speaking as the German carmaker reported falling profits due to its investment in electric vehicles, BMW chief executive Harald Krüger said it would be a “lose-lose” scenario if the UK leaves the EU without a deal.
Continue reading...Japanese motor giant refuses to say where cuts will fall as it seeks to revive flagging fortunes
Nissan said it would cut 12,500 jobs globally over the next three years as the Japanese carmaker tries to revive its business after profit was almost wiped out in the first quarter of its financial year.
The company, which employs about 8,000 people in the UK and 139,000 worldwide, did not disclose where the job cuts would fall. The cuts are bigger than expected after it emerged on Wednesday that at least 10,000 jobs would go.
Continue reading...