Automakers can’t help but acknowledge the global recession in their industry after a decade of growth. As a result, they are slashing payroll across the board, according to Bloomberg. Countries like China, the United Kingdom, Germany, Canada and the United States have all seen at least 38,000 job cuts over the last six months in the automotive sector. And this could just be the beginning of larger cuts to come.
Daimler CEO Dieter Zetsche said Wednesday that "sweeping cost reductions" are ahead to prepare for what he is calling "unprecedented" industry disruption.