Automotive Industry

M-B seeks $650 million in cost cuts.(News)(Daimler-Benz AG)(Brief Article)

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Byline: Diana T. Kurylko

Mercedes-Benz's new passenger-car chief, Eckhard Cordes, says he wants to cut about $650 million (about [euro]500 million) in costs to boost profits.

Cordes, who became head of the Mercedes Car Group last October, says cutting costs and improving quality are his top priorities.

The savings are essential because the weakness of the dollar compared with the euro is likely to "prevail for a while," Cordes says.

Cuts beyond the $650 million may be needed, he adds.

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"Whether this is enough remains to be seen," he says. "My ...