The global auto industry, which has been grinding to a painful slowdown for the better part of the last two years, just claimed its latest victim. On Friday, German auto giant Daimler AG said that its guidance is going to be harder to achieve after a rough start to 2019, forcing it to try to cut costs, according to Bloomberg. 

Daimler saw its first quarter profit tumble 16% due to a decline in deliveries mixed with the rising cost of developing new models. Even though earnings met analyst estimates, CEO Dieter Zetsche said the quarter fell short of the company's expectations and had tempered outlook for the future.

"Achieving the financial targets for 2019 has not become easier since the first quarter," Zetsche said Friday.

Like many car companies, Daimler is dealing with slower sales in the United States and Europe while maintaining significant costs associated with investing in electric vehicles. Other automakers saw similar rocky starts to the first quarter. Renault reported a 4.8% drop to Q1 revenue and Nissan Motor said earlier this week it would miss its annual profit goal.

Back in February, Daimler had already said it was looking to cut costs in order to offset falling profits. A 5.6% drop in Mercedes-Benz deliveries through March had been another negative headwind that the company has faced. The company offered little additional detail on Friday on its plans to reverse a profitability decline in its main cars unit. Despite Mercedes-Benz holding up in China, the country is mired in a broader slump that makes the environment for a profound turnaround difficult.