Mercedes-Benz, the famous German automaker, is gearing up for an ambitious expansion plan in the next two years. The company plans to launch over a dozen new models, eight redesigned versions of existing cars, and two innovative concept vehicles. The move comes after recent challenges like reduced deliveries and profits.

Mercedes-Benz Group AG and its subsidiaries are planning to cut up to 15% of the automaker’s workforce in China, mainly within its financing and sales units, as the German manufacturer faces intensifying competition in the world’s largest car market,

Mercedes-Benz (OTC:MBGAF) is reducing its workforce in China by up to 15%, according to Bloomberg News. The job cuts primarily impact Mercedes-Benz Automobile Finance Co and Beijing Mercedes-Benz Sales Service Co,