Daimler on Tuesday slashed its dividend as the company tries to cut costs and conserve cash to pay for an expensive shift to electric cars.

The maker of Mercedes-Benz cars will propose a dividend of 0.90 euros ($0.98) a share at its annual meeting on April 1, the company said in an earnings release on Tuesday. The dividend payout will amount to 1 billion euros ($1.1 billion) compared with 3.5 billion ($3.8 billion) in 2018 when the company paid out 3.25 euros a share.

Read Article

Daimler Stings Investors With Reduced Dividends To Fund EV Push

About the Author