Daimler to axe 15,000 jobs as cost cuts intensify, paper says

Daimler is intensifying existing cost-cutting measures and plans to cut up to 15,000 jobs, Handelsblatt newspaper reported, citing company sources.

The maker of Mercedes-Benz cars had said in November that it would cut at least 10,000 jobs and reduce staff costs by around 1.4bn ($1.5bn) by the end of 2022, a number Handelsblatt said would be significantly exceeded.

Daimler plans to announce the expanded savings at its annual news conference on Tuesday, the paper said, adding that CEO Ola Kallenius would also reduce investments in money-losing projects that are not part of the core business.

Daimler will also slim down its product lineup, the paper said. The convertible and coupe versions of Mercedes' range-topping sedan, the S class, will be axed and the future of the B class is uncertain, Handelsblatt said.

Mercedes has already said it will end production of the X-class pickup at the end of May.

A Daimler spokesman declined to comment on Handelsblatt's report.