Volkswagen’s Audi luxury brand has announced it will cut thousands of jobs over the next few years, in the latest sign of trouble in Germany’s auto sector.

Premium carmaker Audi said Monday it will cut 7,500 jobs by 2029 in Germany, citing "immense challenges" as the country's auto industry battles slowing electric vehicle demand and rising Chinese competition.

Siemens AG plans to reduce its global headcount by some 6,000 workers, with about half of the cuts coming in Germany, as the company seeks savings at its factory automation business that’s suffering from weak demand.