Daimler will cut at least 10,000 jobs worldwide over the next three years, following others in the industry as they cut costs to invest in electric vehicles while grappling with weakening sales.

Daimler, which owns Mercedes-Benz, revealed the 3 percent cut in its workforce on Friday after reaching an agreement on its plans with labor unions. It marks the third announcement on cost cuts this week by a major German automaker.

In Germany, where the largest number of Daimler employees are based, workers will be offered severance payments and early retirement, Daimler said in a news release.

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Daimler Joins BMW And Audi In Slashing Jobs Worldwide

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