Andreas Renschler, Member of the Board of Management of Daimler AG and responsible for Daimler Trucks, said: “Daimler Trucks’ program of ‘Global Excellence’ calls for early and effective adjustments to market cycles. In this regard, Fuso has taken decisive steps to reduce costs and capacity to address the severe commercial vehicle market downturn over the past several months. Now we take further, more far-reaching measures to strengthen Fuso’s ability to deliver benchmark profitability in a rapidly transforming global commercial vehicle market.”
What he really said:
"We're closing plants, cutting salaries, reducing bonuses, eliminating overtime, and laying people off."