New Delhi, July 29 -- BMW on Wednesday said it will reduce several thousand jobs in Germany by the end of 2027 through a voluntary redundancy programme, becoming the latest German automaker to trim its workforce as slowing demand and shrinking profits weigh on the industry, reported CNBC.

The severance plan, agreed upon with the company's works council, will primarily affect administrative and development roles, while production workers will not be impacted, a BMW spokesperson said.

According to the report, citing a person familiar with the matter, the German luxury carmaker aims to reduce its workforce by around 8,000 employees. BMW currently has a global workforce of about 150,000.

The move follows similar cost-cutting initiatives by...