Daimler AG plans to eliminate thousands of jobs worldwide to revive profit margins squeezed by heavy investments in electric and self-driving vehicles.
The job cuts will be carried out by the end of 2022 as part of efforts to reduce personnel spending by 1.4 billion euros ($1.5 billion), the maker of Mercedes-Benz cars said Friday in a statement. The company plans to widen early-retirement programs and offer buyouts to reduce administrative staff in Germany.
