Toyota will cut 10.1 million jobs worldwide as it shifts to a new, smaller model and steps away from the Japanese automaker’s traditional luxury model.
The automaker said Thursday it will phase out the Toyota Camry, the Prius, the Lexus ES and the Range Rover Evoque.
It will also remove the Scion FR-S and the Nissan LEAF.
It’s the biggest single-digit job cuts in Toyota’s history, as the company has faced pressure from investors to cut costs.
The layoffs are part of a global trend, which has seen the global car industry shrink as consumers increasingly turn to hybrids, electric cars and fuel-efficient SUVs.
Toyota has struggled with a stagnant market, and the cuts will hit hard as the automaker struggles to sell its most profitable model.
“Today we are facing a difficult environment,” Toyota President Akio Toyoda said in a statement.
Toyota also said it would cut more than 1 million jobs globally. “
I am confident that the results we have achieved will enable us to move forward with our plans and drive growth.”
Toyota also said it would cut more than 1 million jobs globally.
The company’s Japan division has seen its annual profit fall by over 50 percent over the past decade.
In the U.S., Toyota announced in November it would be cutting 7.6 million jobs by 2020.
The automaker has been forced to shed more than 30,000 employees worldwide since 2011.
In November, Toyota announced plans to buy back its U.K. and Ireland car brands.