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(Sharecast News) - BMW is reportedly planning to offer nearly half of its entire German workforce voluntary redundancy as it looks to eliminate 8,000 jobs by the end of next year.
According to AFP, which cited an unnamed company source, the carmaker will send offers to 40,000 of its 85,000 domestic employees from October.
The layoffs are thought to only affect desk-based roles, not manufacturing jobs, the source said.
The company has blamed the job cuts on European regulations governing electric vehicles, along with increased trade tariffs worldwide, while the industry continues to contend with increased competition from manufacturers in China, where BMW's vehicle deliveries are at a nine-year low.
"We are talking about a substantial change to the rules of the game," CEO Milan Nedeljkovic reportedly said at a staff meeting. "That is also a consequence of political mandates that are out of step with the market."
"Neither the protectionism nor far-reaching changes in the market are going to disappear," he added.
BMW shares were up 0.4% at 59.80 by 1403 BST.
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