© Reuters. FILE PHOTO: The Daimler logo can be seen before the Daimler Annual General Meeting on April 5, 2018 in Berlin. REUTERS / Hannibal Hanschke
BERLIN (Reuters) – Martin Daum, CEO of Daimler (OTC 🙂 Trucks, said the truck maker, which is slated to be spun off from Daimler in December, will undoubtedly sell less than it could in the coming year as chip shortages hamper production .
"We will certainly deliver less than we could have sold, and that also applies to next year," he said at a round table with journalists on Tuesday, reiterating recent warnings from competitors like Traton that profits will be in the second half of the year could sink.
"It's a fight for every chip," said Daum.
While car manufacturers like BMW or Daimler can raise prices to compensate for chip losses, truck manufacturers don't have that flexibility, he said.
Still, the company has pledged to cut fixed costs by 15% by 2025 from 2019, and the cuts are "in full swing," he said. There will be a specific update at the company's Capital Markets Day on November 11th.
Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.