(Reuters) -Daimler Truck on Tuesday projected yearly organic revenue growth of 3% to 5% until 2030 in its industrial business, driven by a service push, a shift to zero-emission vehicles in Europe, vocational trucks in North America, and growth in India and the defence sector.

The company, one of the world's biggest truckmakers, also targets an adjusted return on sales of more than 12% in the industrial business through 2030, it said in a statement ahead of its capital markets day event in Charlotte, North Carolina.

As a part of the European cost cutting programme first announced in March, Daimler Truck said it planned to shift its production volume to a best-cost country, which alongside other measures would lead to a reduction of around 5,000 jobs in Germany by 2030.

The planned 20% reduction in the German headcount is expected to lead to savings of 100 million euros ($117.15 million) by 2030, the company said, adding it would use natural attrition and expanded early retirement options to reduce positions in a socially responsible manner.

Its shares reversed course to fall 3.5% as of 1158 GMT, after rising 1.6% earlier in the session on the 2 billion euro share buyback programme announced on Monday.

($1 = 0.8536 euros)