FRANKFURT, Germany (AP) — Automaker BMW says it will drop 6,000 jobs through early retirements and turnover, as the auto industry adjusts to a sharp drop in demand due to the coronavirus outbreak.

The Munich-based maker of the X5 SUV and 3-Series sedan said Friday that it had agreed on the measures with employee representatives. Ways of reducing positions could include settlements with employees who are already near retirement, while younger people could get financial support for further full-time higher education with a guarantee of a job when they are done.

The job reductions represent just under 5% of BMW's global workforce of 126,000. Demand for new cars has slumped in Europe and other global markets amid a sharp economic slowdown due to the virus outbreak.