Daimler (DAI.DE) has reportedly increased the number of job cuts that it will make by the end of 2022. In November, the German carmaker announced that it was cutting at least 10,000 jobs to reduce costs by around $1.5 billion.

According to the Handelsblatt newspaper (via Reuters), the cuts will now impact as many as 15,000 jobs, significantly exceeding Daimler’s previous estimates.

The slash in jobs is expected to be announced at the company’s annual news conference on Tuesday, according to the news outlet. Chief Executive Ola Kaellenius will also reportedly announce additional cuts to investment in loss-making projects that are a departure from Daimler’s core business.

Daimler employees about 304,000 workers globally, initially saying the job cuts would happen through natural turnover, early retirement, and severance packages.

Shares of Daimler stock were up 0.03% as of 10:10 a.m. EST on Monday.

Electric shock to jobs: the costly switch to electric vehicles is pushing carmakers to shed jobs, with Mercedes-maker Daimler become the latest on Friday with a plan to cut at least 10,000 posts in the coming years
Electric shock to jobs: the costly switch to electric vehicles is pushing carmakers to shed jobs, with Mercedes-maker Daimler become the latest on Friday with a plan to cut at least 10,000 posts in the coming years AFP / Miguel MEDINA
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