German automotive manufacturer Daimler is to cut thousands of jobs globally in an effort to invest more in electric vehicle technology.
It’s reported at least 10,000 jobs will be scrapped including a 10% reduction in management positions worldwide.
A German job protection policy, agreed upon by Mercedes-Benz Cars & Vans and Daimler Trucks & Buses, stays untouched for Daimler AG, Mercedes-Benz AG and Daimler Truck AG to the end of 2029.
“The automotive industry is in the middle of the biggest transformation in its history,” the company said in a statement.
“The development towards CO2-neutral mobility requires large investments, which is why Daimler announced in the middle of November that it would launch a programme to increase competitiveness, innovation and investment strength.
“Part of this programme is to reduce staff costs by around € 1.4 billion by the end of 2022,” it says.
