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Found 4 results

  1. Hyundai has been seeing its sales declined as it doesn't have enough crossovers and SUV to feed the growing demand by consumers. This, in turn, is causing profits to drop, making investors disappointed. Because of this Hyundai is going crazy with cutting costs. Reuters reports that Hyundai's cost-cutting measures include reducing the number of business-class flights, annual trips for overseas workers to see family, and cutting back on fluorescent light bulbs. "We're trying to address a mismatch between the market trend and our product line-up. That's a longer term plan. For now we're trying to save every penny," said a source. Hyundai is working overtime to get new crossovers out the door starting with a B-segment model in 2018. In the meantime, Hyundai is redirecting exports from low-demand markets to the U.S. Source: Reuters
  2. Daimler AG says it has lost €1.2 billion ($1.3 Billion) in quarter two 2019. This is the company's first quarterly loss since 2009. Daimler says the primary causes for the loss are airbag recalls and lawsuits and investigations regarding its diesel engines. U.S. and European regulators have gone after diesel engine emissions after Volkswagen AG was caught in 2015 with cheat software in their engine control computers. The fallout has caused Daimler and other manufacturers to recall those vehicles and update the engine control software. Daimler has previously announced cost cutting efforts, including laying off up to 10,000 employees globally. Further cost cutting efforts are pending, however, Daimler declined to comment on such measures until an investor presentation in November. The company did say that it would be reviewing its product portfolio and cutting where needed. Models that have already seen cuts are the Mercedes-Benx X-Class truck and the Mercedes Benz SLC.
  3. Hyundai has been seeing its sales declined as it doesn't have enough crossovers and SUV to feed the growing demand by consumers. This, in turn, is causing profits to drop, making investors disappointed. Because of this Hyundai is going crazy with cutting costs. Reuters reports that Hyundai's cost-cutting measures include reducing the number of business-class flights, annual trips for overseas workers to see family, and cutting back on fluorescent light bulbs. "We're trying to address a mismatch between the market trend and our product line-up. That's a longer term plan. For now we're trying to save every penny," said a source. Hyundai is working overtime to get new crossovers out the door starting with a B-segment model in 2018. In the meantime, Hyundai is redirecting exports from low-demand markets to the U.S. Source: Reuters View full article
  4. Daimler AG says it has lost €1.2 billion ($1.3 Billion) in quarter two 2019. This is the company's first quarterly loss since 2009. Daimler says the primary causes for the loss are airbag recalls and lawsuits and investigations regarding its diesel engines. U.S. and European regulators have gone after diesel engine emissions after Volkswagen AG was caught in 2015 with cheat software in their engine control computers. The fallout has caused Daimler and other manufacturers to recall those vehicles and update the engine control software. Daimler has previously announced cost cutting efforts, including laying off up to 10,000 employees globally. Further cost cutting efforts are pending, however, Daimler declined to comment on such measures until an investor presentation in November. The company did say that it would be reviewing its product portfolio and cutting where needed. Models that have already seen cuts are the Mercedes-Benx X-Class truck and the Mercedes Benz SLC. View full article

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