Focus Money is reporting today that the job cuts at DaimlerChrysler's Mercedes Car Group are moving quicker than expected, citing a company manager as the basis for the article.

According to the company manager, 7,000 of the 8,500 planned job cuts have already been fulfilled, either via layoffs or signed severance packages.

The manager then on went on to say that the cuts, which were expected to cost the company EUR 950 million, may now exceed EUR 1 billion.

Of course we'll keep you posted if we hear anything new; in the meantime you can find the full article over at MarketWatch.com.