BMW struggles to shed 5,000 jobs
BMW's attempts to get rid of 5,000 positions within the company are moving more slowly than expected, prompting its top management to try to convince some employees to take early retirement packages. It's already been putting some staff on unpaid leave and cutting the hours of others as it tries to reduce costs in order to improve its chance of surviving the coronavirus intact. BMW had to shut down production its factories for the month of April, but despite opening them up again in May, cars are not moving out of dealerships at the rate needed to maintain full employment because consumers aren't even walking into them. Second-quarter results are widely expected to be even worse than those for the first quarter, when sales fell 6.4 percent. There's pain all across the European automobile sector, with Renault saying it would have to slash its workforce by 8 percent and pull out of China entirely. Brake producer ZF is going further, as it looks to part ways with up to 10 percent of its entire staff, up to 15,000 people.