Mercedes-Benz to axe more than 1,000 jobs in cost-cutting drive

Move blamed on heavy cost of investing in electric vehicles just as traditional car sales slow

Mercedes-Benz plans to save €1.65bn (£1.4bn) by cutting more than 1,000 jobs in the latest sign German carmakers are struggling to make big investments in electric car technology.

Carmakers around the world are spending billions on developing battery-powered electric vehicles but at the same time sales of internal combustion engines are slowing in the face of economic weakness and scandals over emissions.

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