BERLIN: German state-owned railway operator Deutsche Bahn has cut its long-term sales target by almost one third and dropped plans for acquisitions, Frankfurter Allgemeine Zeitung reported on Thursday, citing chief executive Ruediger Grube.
Berlin-based Deutsche Bahn is now targeting only 50 billion euros ($56.78 billion) of sales by 2020, compared with an original goal of 70 billion as spelled out in the company's "Strategy 2020" roadmap, the newspaper said. Plans to generate 14 billion euros of sales through acquisitions have been dropped as Deutsche Bahn is shifting its focus toward consolidation.
"Reality has caught up with us," the CEO was quoted by the newspaper as saying. "Top priority for us is to be a reliable partner in capital markets."
Key challenges for Deutsche Bahn include falling prices as caused by heightening competition with bus operators and self-driving cars, Grube told the newspaper.
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