Huffpost Business

BMW To Cut Thousands of Jobs

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BMW AG said Friday it will cut thousands of jobs next year, three months after incoming CEO Norbert Reithofer said he would focus on increasing the rate of return for the automaker.

Mathias Schmidt, a spokesman at the Munich-based company, did not say exactly how many thousands of jobs would be cut. The Der Spiegel news magazine Web site put the figure at 8,000.

Schmidt said that most of the cuts would come in Germany, where the company employs some 80,000 workers. Heavy cuts are likely for temporary workers, but some permanent workers would be affected as well.