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Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic. The cuts equate to about 6,000 of its 45,000 non-gas station employees and may be a precursor to staffing reductions at Big Oil rivals such as BP Plc and Royal Dutch Shell Plc. Until now, layoffs had primarily been felt in the oilfield services sector and among North American independent producers. Chevron is "streamlining our organizational structures to reflect the efficiencies and match projected activity levels," the San Ramon, California-based company said Wednesday in a statement.
Car sales are inching forward. Though new-vehicle sales are down 47% year-over-year, and rental, commercial, and government fleet purchases have fallen 70% over the same period, too, the auto industry has enjoyed small amount of good news. Average incentive spending reached $4,296 per vehicle in April, according to Cox Automotive, up 7% from March and up 26% year-over-year. Sales of classic cars are booming. Factories across Europe and the U.S. have begun to reopen. So have dealerships, though they are reeling from the loss of 265,000 jobs, according to Cox Automotive. Take Porsche Beverly Hills, where Sascha Glaeser works as director of customer experience and VIP sales. "We opened again on Friday, and customers are coming into the dealers.

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