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Daimler AG, the parent company of Mercedes-Benz and Daimler Trucks, announced it will eliminate thousands of jobs worldwide by the end of 2022 amid weakening car sales in China and the costly push to develop electric vehicles.

The plan will reduce staff costs by around $1.5 billion in the next three years and reduce the number of management positions worldwide by 10%.

The cuts could total at least 10,000 employees, according to news reports.

At the same time, earlier labor agreements will ensure job protection in Germany until the end of 2029, as agreed upon in the spinoff of Mercedes-Benz Cars & Vans and Daimler Trucks & Buses.

“The automotive industry is in the middle of the biggest

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