Photo Gallery Dismay at Daimler
Daimler announced last week that it was moving the production of its C-Class series to the US. The move comes in response to the falling value of the dollar against the euro -- a problem that many companies in Europe are having to face.
Mercedes workers walked out in protest immediately after the announcement was made.
In addition to Mercedes, numerous other German carmakers have ramped up production in the US. Other major firms, like ThyssenKrupp and EADS have also shifted production outside of the euro zone.
Mercedes workers put down their tools and took to the streets to voice their frustration at the loss of the C-Class. Daimler CEO Dieter Zetsche promised that the jobs would be replaced with the shifting of other production lines to Mercedes headquarters in Sindelfingen, near Stuttgart.
Fully 52 percent of Daimler revenues come from outside of western Europe. The aero-space company EADS does more than half its business outside of Europe. Indeed, for every 10 cents the dollar loses in value against the euro, EADS loses 1 billion euros.
Blue collar jobs have been disappearing from Germany for years. But the rise of the euro has accelerated the process.
Production jobs have been shifting out of Germany for years. But the move has accelerated as the value of the dollar has declined.
An archive image of Daimler CEO Dieter Zetsche. On Monday, he went before Mercedes workers to explain the shift in production. He was received by the workers with boos and whistles.
