Mercedes Benz owner Daimler will cut thousands of jobs in an effort to streamline the automotive company, the company said Friday.
The German car company, which has 46 locations across the U.S. and employs a global workforce of at least 300,000 people, said it will cut jobs by at least 10 percent -- or 10,000 jobs -- worldwide by 2022.
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"With the key points we now agreed with the works council to streamline the company, we can achieve these goal[s] by the end of 2022. We will make the measures as socially responsible as possible," Daimler AG Member of the Board of Management Wilfried Porth said in a statement, according to the release.
The move comes after Audi, Ford and other automotive companies have made similar job-cutting decisions in recent months to stay afloat as demand slows.
Audi said Tuesday it plans to cut 9,500 jobs, or 10 percent of its global workforce, over the next five years, which will save the company about $6.6 billion over the next decade. Ford said in June that it would cut 12,000 jobs in Europe and Nissan said in July that it would cut 12,500 jobs worldwide citing similar cost concerns.
"The automotive industry is in the middle of the biggest transformation in its history. The development towards CO2-neutral mobility requires large investments, which is why Daimler announced in the middle of November that it would launch a [program] to increase competitiveness, innovation and investment strength," the company said in the press release.
"Part of this [program] is to reduce staff costs by around € 1.4 billion [or $1.54 billion] by the end of 2022 and, among other things, to reduce the number of management positions worldwide by  percent," Daimer's statement continued.
Automaker companies cut 38,000 jobs worldwide over six months as of May, Automotive News Europe reported.
Daimler CEO Dieter Zetsche said in May that "everything is under scrutiny," ANE reported, adding, "We cannot and will not be satisfied with the current level of profitability."