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Business

DaimlerChrysler to Revamp Truck Division

German-US auto giant DaimlerChrysler, the world's biggest truck maker, said Friday it was launching a fresh round of cost-cutting in its commercial vehicles division, currently one of the main engines of growth within the group. The additional belt-tightening would include cutting "material expenses and fixed costs" the car maker said. But a spokeswoman insisted that no lay-offs were planned. The measures would save about 100 million euros ($122 million) in all each year, the spokeswoman said. "Our aim is to keep the division profitable in the future regardless of market developments," DaimlerChrysler's head of commercial vehicles, Andreas Renschler, said. DaimlerChrysler sold nearly 712,000 trucks last year, 42 percent more than in the previous year. The commercial vehicles division lifted operating profit by 66 percent to 1.33 billion euros in the period, accounting for nearly one third of group profits.

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