BMW to drop 6,000 jobs through turnover, early retirement
German high-end carmaker BMW will slash 6,000 of its over 120,000 jobs worldwide this year, a spokesman told reporters Friday, as the industry battles a demand trough and production setbacks from the coronavirus pandemic. "Further steps are needed to make the BMW Group more resilient to external influences and market fluctuations," bosses had said in a statement earlier Friday.
- Economy
- AP
- Published Date: 04:43 | 19 June 2020
- Modified Date: 04:43 | 19 June 2020
Automaker BMW says it will drop 6,000 jobs through early retirements and turnover, as the auto industry adjusts to a sharp drop in demand due to the coronavirus outbreak.
The Munich-based maker of the X5 SUV and 3-Series sedan said Friday that it had agreed on the measures with employee representatives. Ways of reducing positions could include settlements with employees who are already near retirement, while younger people could get financial support for further full-time higher education with a guarantee of a job when they are done.
The job reductions represent just under 5% of BMW's global workforce of 126,000. Demand for new cars has slumped in Europe and other global markets amid a sharp economic slowdown due to the virus outbreak.