Daimler to cut 'thousands' of jobs by 2022 to fund electric vehicle shift

"Daimler aims to cut thousands of jobs worldwide by the end of 2022," the Mercedes-Benz maker said in a statement, adding that it intended to save 1.4 billion euros ($1.5 billion) in staff costs

A Daimler sign name is pictured during the company's annual news conference in Stuttgart, Germany

AFP | PTI Frankfurt Am Main

1 min read Last Updated : Nov 29 2019 | 5:41 PM IST

Luxury carmaker Daimler on Friday said it was scrapping "thousands" of jobs to help fund the switch to electric vehicles, in the latest layoffs to hit the stuttering German car industry.

"Daimler aims to cut thousands of jobs worldwide by the end of 2022," the Mercedes-Benz maker said in a statement, adding that it intended to save 1.4 billion euros ($1.5 billion) in staff costs.

The cull includes slashing management jobs worldwide "by 10 per cent".

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