Daimler CEO: Ready to cut costs further will shift to the fast-growing Chinese market.

Daimler, the German car giant, has ruled out expanding production at home as german carmakers prepare to cut costs further in the face of a sharp drop in global car sales. Daimler chief executive Ola Kallenius said it would invest in the fast-growing Chinese market.

Daimler CEO: Ready to cut costs further will shift to the fast-growing Chinese market.

Daimler reported a 1.68 billion euro ($13.6 billion) loss in the second quarter, while the Mercedes-Benz brand sold 935,089 cars worldwide in the first half of the year, down 17.6 percent from a year earlier.

In addition, Daimler plans to lay off as many as 30,000 employees in response to falling revenues,media reported on July 23.