Audi is cutting thousands of jobs as it shifts its focus to electronic cars.
The Volkswagen-owned car company said in a press release Tuesday it plans to cut its German workforce by up to 9,500 people by 2025. Audi plans to do that through employee turnover and introducing what it calls "a new, attractive early-retirement program." The cuts are estimated to free up $6.6 billion by 2029.
Audi says its core workforce is secure for the next decade as part of an agreement with worker representative General Works Council of Audi AG. The carmaker also says it plans to create 2,000 "expert" jobs in areas like electric mobility and digitalization.
Audi's been trying to compete with a leader in electric cars, Tesla. Audi plans to release its second electric vehicle, the e-Tron Sportback, in European markets next spring.
Additional reporting from Newsy affiliate CNN.