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Daimler Will Cut at Least 10,000 Jobs in 3 Years

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Daimler AG says it will reduce its global workforce 3% or at least 10,000 jobs by the end of 2022.

Daimler joins German rivals Audi and BMW in announcing cutbacks. All three companies cite the same reason: offsetting the high cost of electrifying their fleets for the sake of lowering carbon dioxide emissions.

Like its rivals, Daimler reached agreement with its works council to achieve the reductions through buyout plans, normal retirements and early retirement and part-time retirement offers. Daimler says existing job guarantees in Germany will continue through 2029.

Daimler said earlier that it aims to lower its annual employee costs by €1.4 billion ($1.5 billion) by the end of 2022. That goal includes a 10% cut in salaried jobs worldwide.

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