BMW said it reached an agreement with labor representatives on an extensive workforce restructuring program, including voluntary severance packages, aims to reshape its business amid a tough auto market. The plan could affect up to 8,000 workers in Germany, according to a source familiar with the matter. Earnings before interest and taxes fell 39%** year-on-year as the group faced weakening sales in China, currency and commodity headwinds.

Chief Executive Milan Nedeljkovic said the cuts are needed to be lean and agile amid intense global conflict, competition, and rising regulatory demands. He emphasized that reshaping organization and processes will position the company to stay competitive going forward.