Daimler to accelerate cost cuts as it looks to close profitability gap with rivals
Despite the overall improvement in net profit, the company's earnings before interest and taxation (EBIT) margin still lags behind those of its main rivals.
Daimler CEO Dieter Zetsche has said that the company will accelerate its cost-cutting efforts in order to close the profit gap with its chief rivals BMW and Audi over the next few years, according to a Reuters report. The company made good strides towards improving its profitability in 2013 with a 28% year-on-year rise in net profit to EUR8.7 billion (USD12.0 billion).
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