VW brand to cut up to 7,000 jobs for 5.9 billion euro annual savings goal
WOLFSBURG, Germany: Volkswagen on Wednesday said it will shrink its workforce by up to 7,000 staff, raise productivity and eke out €5.9 billion worth of annual savings at its core VW brand by 2023, in a bid to raise VW's operating margin to 6 percent.
Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to reduce its workforce between 5,000 and 7,000 positions, the carmaker said."The measures from the earnings improvement program will enable our brand to achieve a competitive return level of six percent in 2022," Arno Antlitz, Volkswagen brand's board member for controlling, said in a statement.
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