Daimler slashes dividend after earnings tumble
Daimler has slashed its dividend.
The shareholder payout falls to just under one euro, down from more than three times that level previously.
Daimler made the cut after its annual earnings more than halved.
Net profit for 2019 dropped to 2.7 billion euros, or about 2.9 billion dollars.
That was down from 7.6 billion euros a year earlier.
The fall comes despite record deliveries of Mercedes cars.
Daimler's flagship brand retained its title as the world's top-selling premium auto.
But the German giant booked over four billion euros in charges related to diesel probes and legal proceedings.
And another billion or so in assorted restructuring expenses.
Like all automakers it also faces big costs developing electric and driverless vehicles.
In response the Stuttgart-based firm is trying to cut administrative and personnel costs.
It's targeting 1.4 billion euros in savings by the end of 2022.
