Daimler AG cut Chief Executive Officer Dieter Zetsche’s pay 5.8 percent amid a reduction in managers’ bonuses as the world’s third-biggest maker of luxury cars fell behind competitors in sales and dropped profit goals.
Avis Budget Group Inc. agreed to pay 636 million pounds ($1.04 billion) for Avis Europe Plc , the second-biggest car-rental company on the continent, possibly taking Avis Budget out of the bidding for Dollar Thrifty Automotive Group Inc.
Porsche SE , the sports-car maker that plans to merge with Volkswagen AG, has had a very high acceptance rate for its 5 billion-euro ($7.3 billion) rights offering, a person familiar with the matter said.
Bayerische Motoren Werke AG, the world’s biggest maker of luxury cars, reported its first drop in quarterly operating profit in almost three years on increased spending on new models and pricing pressure.
Volkswagen AG, Europe’s biggest car manufacturer, backed off plans to name executives to MAN SE’s supervisory board to help facilitate regulatory clearance to merge the companies’ truckmaking operations with Scania AB.
Bayerische Motoren Werke AG widened its lead in luxury-car sales last month as demand for the 1- Series and X1 compact models helped it outpace gains by German rivals Audi AG and Daimler AG’s Mercedes-Benz.