Posted on

Daimler Looks to Cut Thousands of Jobs

BERLIN—Daimler AG aims to slash thousands of jobs over the next three years and cut labor costs by $1.5 billion, the latest round of cost cuts in a sector squeezed between huge investment in new technologies and falling demand for cars.

The announcement Friday by the maker of Mercedes-Benz luxury cars caps weeks of negotiations with labor representatives. All major German auto makers and their suppliers are now shedding staff in the face of dwindling demand as economies slow in China, the U.S. and Europe after years of robust…