German auto maker Daimler said Tuesday its first quarter loss was due to global recession and weak demand for its cars and trucks plans to double its cost cut, in an effort to save €4 billion 2009.

It posted a net loss of €1.29 billion (US$1.7 billion) in the first quarter of 2009 from euro1.33 billion in the first quarter of 2008. Revenue fell €18.7 billion from €24.0 billion in 2008.