German multinational automotive corporation Daimler said in a statement on Saturday that it plans to cut around 10,000 jobs worldwide by the end of 2022.
The main Mercedes plant said it planned a 10 percent cut in management positions and a $ 1.5 billion cut in expenses.
Daimler explained that it is now moving towards the most significant period of transformation in the history of the automotive sector, and that the transition to electric cars is taking place at a faster pace due to stricter environmental constraints and reduced costs.
The company, which has around 300,000 manpower worldwide, aims to secure funding for the production and development of e-vehicles amid a wave of massive layoffs in the German automotive sector
Daimler-Benz was formed with the merger of Benz & Cie and Daimler Motoren Gesellschaft in 1926.
The company was renamed DaimlerChrysler upon acquiring the American automobile manufacturer in 1998, and was again renamed Daimler upon selling subsidiary assets of Chrysler in 2007.
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