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Mercedes-Benz announced on Thursday that it was halting all further investment at its German sites for the time being.
“The executive board has jointly decided to halt all further investments in German sites,” Mercedes board member Michael Schiebe said in a memo on the company’s intranet that was seen by the AFP news agency.
The company is also weighing plant closures, the memo added.
The announcement comes as the luxury German automaker faces increasing pressure from the works council and the IG Metall trade union.
More to follow…
