It's tough financial sledding for German luxury automakers as they navigate the pricey path to electrification amid softening sales.
Daimler, parent of Mercedes-Benz, reported its first quarterly loss in a decade and said it will take the ax to costs for the second half of the year.
Rival BMW Group's second-quarter net profit dived 29 percent, and the Munich automaker trimmed global auto production 4.6 percent in the quarter.
The financial losses and associated belt-tightening come as Daimler, BMW and Volkswagen plan to invest more than $45 billion in electric vehicles over the next three years, according to German auto industry group VDA.
Starting in early 2020, Mercedes will unleash its EQ subbrand of EVs, which will be made up of 10 battery-electric sedans and crossovers. BMW expects to have 25 electrified models (nearly half of which will be full-electric) on the road by 2023 — two years earlier than previously planned.