Mercedes Reportedly Plans to Cut Annual Costs by $1.3 Billion to Increase Profitability

In spite of its global sales increasing by 5 percent and its stock gaining 16 percent in value this year, Mercedes-Benz is initiating a €1 billion (US$1.3 billion) annual cost-cutting program in order to raise its profitability by €3 billion (US$3.9 billion), according to a Bloomberg report. Read more »