The wait is over. Introducing the Type S Concept, the next chapter of Precision Crafted Performance.

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HAMBURG -- BMW management and labor have reached an agreement on measures to reduce costs that avoids "drastic measures," the automaker said on Wednesday.

The agreement involves reducing bonuses for workers based on company profits, as well changes to Christmas and other bonuses for some workers. The measures are effective starting 2020.

BMW had been in talks with labor representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros ($13.2 billion) by 2022.

"We have achieved a solution based on solidarity. This allows us to avoid drastic measures that others are currently taking to reduce their costs," CEO Oliver Zipse said.

German automakers are intensifying their efforts to reduce costs to fund investments for electric cars and autonomous vehicle technologies.

Audi said on Tuesday that it plans to cut about 15 percent of its German workforce to protect its profitability.

Daimler as well as suppliers Continental and Osram have also recently announced staff and cost cuts

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Check out highlights from the Shaver Family's road trip from Huntsville to Elora in the 2019 Equinox. Watch their video submission between July 29th – August 11th to help determine the Most Road-Trippable Town in Canada. Every view counts as a vote!

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