Daimler has not yet concluded an internal review into the role of its “Own Retail” dealerships, a network of showrooms in Germany owned and operated by the company itself, CEO Dieter Zetsche said.

In Germany, the Mercedes-Benz brand depends on its unprofitable company-owned dealerships for roughly half of its car sales, a bigger share than for rivals Audi or BMW, which rely more on franchises.

“We talked before about the broader scope studies we are entertaining on our own retail business altogether – the performance, the financial visibility and so on,” Zetsche told analysts during a conference call on Wednesday.

“These studies are ongoing, discussions about potential actions to be taken as well, but there is nothing which would be as concrete at this point of time that we could make an announcement,” he added.

Documents seen by Reuters showed that Zetsche is targeting the company’s “Own Retail” operations as part of a promised 2 billion euro ($2.64 billion) savings drive.

Earlier this month Mercedes sold its stake in a French dealership with four showrooms, to reduce its exposure to automotive retail, a business with inherently low profitability that makes it harder for Daimler’s car division to achieve its 10 percent operating margin target.

Separately, finance chief Bodo Uebber said free cash flow would be somewhat lower in the second half of this year because of a near 50 percent increase in fixed capital investment over the first six months, as well as around 600 million euros it plans to spend on a 12 percent stake in BAIC Motor.

Daimler is keeping its guidance for free cash flow, a key determinant in funding debt and dividend payments, of 1-2 billion euros this year including consolidation effects such as the sale of its EADS stake.

Uebber added that he had revised his guidance on foreign exchange effects and now forecast no material earnings impact on balance, when assuming a euro-dollar price of $1.30. Previously he saw headwinds of about 200 million euros.

Daimler is currently 90 percent hedged against currency fluctuations for this year and roughly 50 percent for next year.