London (CNN Business) Daimler, the owner of Mercedes-Benz, 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.

Daimler DDAIF personnel chief Wilfried Porth told reporters that job reductions would be in the low five digits. Management positions will also be trimmed by 10%. The company employs roughly 300,000 people, nearly 60% of whom work in Germany. The changes will save €1.4 billion ($1.5 billion) by the end of 2022, Daimler said.

Traditional carmakers around the world are ripping up their business models in the hope of adapting to a new world in which electricity replaces gasoline and diesel. Electric cars, which have fewer parts than those powered by internal combustion engines, require fewer workers to assemble. But they cost a lot to develop.