DaimlerChrysler Plans Major Job Cuts

Yet another major carmaker is slashing jobs. This time DaimlerChrysler is cutting 6000 positions to save more than $1 billion a year.

The cuts trim one fifth of the company's management and administrative workers over the next two years. Daimler announced 8,500 production job cuts last year.

DaimlerChrysler's cuts follow recent announcements by larger rivals Ford and General Motors that they are slashing tens of thousands of workers and closing two dozen factories and other facilities. DaimlerChrysler is the world's fifth-largest carmaker, and it is based in Germany and the United States.

Intensified competition from Asian automakers is forcing European and U.S. companies to slash costs and search for greater efficiency.