BELT-TIGHTENING Because electric cars have a lower margin than combustion-engine cars, Daimler has set itself a more ambitious savings target. The company’s Fit for Leadership 4.0 plan targets savings of $4.8bn. Picture: BLOOMBERG/KRISZTIAN BOSCI
BELT-TIGHTENING Because electric cars have a lower margin than combustion-engine cars, Daimler has set itself a more ambitious savings target. The company’s Fit for Leadership 4.0 plan targets savings of $4.8bn. Picture: BLOOMBERG/KRISZTIAN BOSCI

Daimler CEO Dieter Zetsche has said Mercedes-Benz will offer electric versions of all its models by 2022, converting its Smart car brand to become fully electric. Speaking at the company’s investor day in Sindelfingen, Germany, Zetsche said Daimler will offer at least 50 electrified versions of Mercedes-Benz passenger cars in hybrid and fully electric variants.

Reuters

Japan to sell $12bn of Japan Post Holdings

Japan’s government has said it will sell US$12bn of Japan Post Holdings stock. Fund managers gave the announcement a tepid reception, saying limited growth prospects are likely to dull demand from institutional investors.

The sale will be the first since the 2015 initial public offering of the postal firm and its two units, Japan Post Bank and Japan Post Insurance. That sale also raised $12bn, which was earmarked for reconstruction of areas devastated by an earthquake and tsunami in 2011.

Reuters

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