(MENAFN) Daimler, the maker of Mercedes-Benz luxury vehicles, is selling 15 car dealerships in eastern Germany to a unit of China's Lei Shing Hong Group in a move to lift profitability, Gulf Times reported.
The sale of Mercedes outlets to Stern Auto, including showrooms in Leipzig, Dresden and Rostock, affects 1,000 employees, the Stuttgart-based car manufacturer said in a statement.
Daimler chief executive officer has vowed to increase operating profit at the Mercedes-Benz automotive division to 10 percent of sales to close a gap in profitability to larger luxury-auto rivals BMW and Audi.
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