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BMW plans further massive job cuts

German carmaker BMW said that it will cut another 5,600 jobs as part of its broad restructuring plan to cut expenses and boost profits.

The Munich-based company, one of the world's leading luxury carmaker said it will slash 5,600 jobs by the end of 2008, bring the total of job cuts to 8,100. It has already eliminated 2,500 positions last year.

According to BMW's head of personnel Ernst Baumann, the latest planed job cuts include 2,500 full-time workers, 2,500 temporary workers, as well as 600 positions in BMW's international distribution networks.

BMW's sales in 2007 rose by 14.3% to €56 billion, but the company's pre-tax return on sales is still lagging behind other luxury car groups, said a report by German news agency DPA.

The rising euro, which for the first time broke the 1.50-dollarmark on Wednesday, has been making it harder for the company to export cars to markets outside of the 15-nation euro zone, analysts say. (Xinhua)