Daimler to cut 15,000 jobs as cost cuts intensify: Handelsblatt

FILE PHOTO: A Mercedes-Benz "Vision URBANETIC" concept car is seen in front of the Daimler AG logo during the company's annual news conference in Stuttgart, Germany, February 6, 2019. REUTERS/Michael Dalder

FRANKFURT (Reuters) - German luxury carmaker Daimler DAIGn.DE is intensifying existing cost-cutting measures and plans to cut up to 15,000 jobs, Handelsblatt newspaper reported, citing company sources.

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

The group plans to announce the expanded savings at its annual news conference on Tuesday, the paper said, adding that Chief Executive Ola Kaellenius would also reduce investments in loss-making projects that are not part of the core business.

A Daimler spokesman declined to comment.

Reporting by Christoph Steitz, Editing by Timothy Heritage