BERLIN, July 29 (Xinhua) -- German auto giant BMW plans to cut around 8,000 jobs worldwide from October this year till the end of 2027 in a cost-cutting drive, German press agency dpa reported Tuesday.

This photo taken on July 16, 2026 in Munich, southern Germany, shows the company's logo atop the so-called BMW tower, the global corporate headquarters of German carmaker BMW. (File photo: AFP)

BMW expects the restructuring to result in around 1 billion euros (1.14 billion U.S. dollars) in one-off costs, including voluntary severance payments for employees in non-production roles in Germany.

As the voluntary severance payments are offered only in Germany, more than half of the job cuts are expected to fall there, where more than 80,000 of BMW's roughly 154,500 employees worldwide were based at the end of 2025.

The cuts also reflected BMW scaling back spending after years of heavy investment in its Neue Klasse electric vehicle range, as the project moved beyond its development phase, dpa cited company sources as saying.

BMW is the latest of Germany's major carmakers to announce job cuts, following similar moves by Volkswagen and Mercedes-Benz. Earlier this week, Volkswagen's sports car brand Porsche said it would cut a further 5,000 jobs in Germany, bringing its planned domestic workforce reduction to about 8,900.