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VW Brand to Shrink Workforce Further in Bigger Savings Push

March 13, 2019 / IndustryWeek
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Volkswagen AG’s main car brand plans to deepen cost cuts and ax more jobs as profits slip in the industry’s shift to electric and self-driving cars.
The German carmaker said Wednesday it will eliminate as many as 7,000 positions - with measures including early retirement and not filling vacant positions - to achieve an annual profit gain of 5.9 billion euros US$6.7 billion starting in 2023. We will significantly step up the pace of our transformation so as to make Volkswagen fit for the electric and digital era, VW brand COO Ralf Brandstaetter said.