Mercedes job cuts

MERCEDES-Benz’s owner is to slash hundreds of jobs as tougher emissions rules eat into profits.

Daimler yesterday said it would wring out savings of £840m by 2022 to compensate for falling earnings in 2020 and 2021. That will involve reducing its staff headcount by around 1,000, with 10pc of management positions on the block.

Daimler said it needed to sell more electric vehicles to meet tougher European Union rules, which force car makers to reduce the carbon dioxide emissions from their cars by 37.5pc by 2030 compared with 2021 levels.

That follows a 40pc cut between 2007 and 2021.