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Daimler CEO eyes top spot for Mercedes by 2020

  • Daimler Chief Executive Dieter Zetsche has said he hopes to return the carmaker to the top spot in the luxury market ahead of Audi and BMW by 2020 in an interview with a German paper.

    "I am confident that we will be ahead of our rivals by 2020 at the latest," he told Boersen-Zeitung in an interview published on Saturday.

    He added he hoped to reach the goal during his time with the firm. Zetsche's contract ends in December 2013 but is likely to be extended by three years in February.

    Daimler has already pledged to make $2.6 billion in cost cuts at the Mercedes-Benz division by the end of 2014. The move comes after it issued a warning in October that it would miss its operating profit target this year by $1.3 billion.

    Zetsche also told the newspaper that Mercedes had failed to keep up with rivals in the compact car market as well as in China.