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The owner of Mercedes-Benz, Daimler is cutting at least 10,000 jobs around the world, making it the latest carmaker to shed workers as the industry races toward its electric future.

The German company said Friday that it needs to reduce staffing costs in order to develop clean vehicles, an imperative that is roiling the global autos industry and sparking waves of new investment in electric cars.

The automotive industry is in the middle of the biggest transformation in its history, Daimler said in a statement, adding that it wants to improve its competitiveness, innovation and investment strength.

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