Daimler Truck plans to lay off 5,000 employees in Germany by 2030. This decision could lead to significant changes in the automotive sector.

The company made this announcement at the Capital Markets Day event held in Charlotte, North Carolina, USA. The Germany-based giant aims to shift production to lower-cost countries.

Daimler Truck stated that layoffs will largely be implemented through natural attrition and partial retirement methods. These steps are expected to save over 1 billion euros in costs.

With approximately 35,500 employees across Germany, this decision is seen as a harbinger of a new wave of contraction in the country's automotive sector.