The luxury-car maker has outlined plans to boost competitiveness that include a 10% cut to production costs over the next couple of years.

Mercedes-Benz has launched plans to boost returns in its car division to 10% or higher, the German luxury automaker said on Thursday, after reporting a 40.5% slump in 2024 earnings. The carmaker, whose sales took a battering in its key markets of China and Germany last year,

Mercedes-Benz Group AG expects earnings to be significantly lower this year and will cut production costs to boost profitability.