Daimler Plans 10,000 Layoffs Amid Auto Industry’s Electric Vehicle Pivot

German Chancellor Angela Merkel with a battery powered Mercedes Vision EQS car at the International … [+] Auto Show in September. TOBIAS SCHWARZ/AFP via Getty ImagesTopline: Daimler became the latest carmaker Friday to announce cost-cutting measures⁠—in the form of 10,000 layoffs by 2022⁠—to help fund production of electric vehicles, in what the company called “the…

Daimler Plans 10,000 Layoffs Amid Auto Industry’s Electric Vehicle Pivot

German Chancellor Angela Merkel with a battery powered Mercedes Vision EQS car at the International … [+] Auto Show in September. TOBIAS SCHWARZ/AFP via Getty ImagesTopline: Daimler became the latest carmaker Friday to announce cost-cutting measures⁠—in the form of 10,000 layoffs by 2022⁠—to help fund production of electric vehicles, in what the company called “the biggest transformation in history” for the automotive industry. Daimler, which owns Mercedes-Benz, said it aims to reduce its workforce of over 300,000 by 3% (and cut 10% of management positions), saving 1.4 billion euros ($1.54 billion) by 2022.The job cuts will be made “as socially responsible as possible,” said Wilfried Porth, a labor management board member for Daimler, in an emailed statement to Forbes.The shift toward electric vehicle production⁠—fueled by a demand for
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