At tire manufacturer Michelin, up to 2,300 jobs will be cut in the home country of France over the next three years.

The company is starting a reorganization to better compete with other producers, but emphasizes on Wednesday that no locations will be closed and there will also be no redundancies.

The job losses correspond to almost 2 percent of the global workforce.

About half of the jobs are cut in office locations and the other half in factories.

Michelin emphasizes that around 60 percent of jobs are expected to disappear through a voluntary early retirement scheme.

The rest of the people will leave through a voluntary severance scheme.

The company employs more than 127,000 people worldwide.

The corona crisis is hit hard in the car world.

About 20 percent fewer cars were sold last year.

The market is expected to recover slightly this year.