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Mercedes-Benz car CEO outlines cost reduction target

Eckhard Cordes, CEO of DaimlerChrysler’s Mercedes-Benz car division, has spoken of plans to cut about $650 million (£346 million) in its costs to offset the weakness of the dollar-Euro rate, which is thought likely to "prevail for a while".

Cuts beyond the $650 million may be needed, he adds. "Whether this is enough remains to be seen," he says. "My assumption is that it is not enough." Cordes says the cuts will be made in every area.

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