BERLIN (AP) — Truck and bus maker MAN, a subsidiary of Volkswagen, said Friday that it plans to shed up to 9,500 jobs worldwide as part of a cost-cutting drive.

MAN said the planned package of measures is intended to improve the company's operating result by about 1.8 billion euros (about $2 billion) and will involve a "fundamental restructuring" of all areas of its business.

It said that "a partial relocation of some of the development and production processes to other sites is planned" and that plants in Steyr, Austria and in Plauen and Wittlich, Germany "are up for discussion." The company plans to start negotiations soon with employee representatives on the plan.

The auto and truck industry has taken a huge hit during the pandemic, as sales plunged in markets around the world.