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Media Monitoring

International

Volkswagen plans 30,000 job cuts worldwide

16:45, Friday, 18 November, 2016
Volkswagen plans 30,000 job cuts worldwide

Volkswagen has announced plans to cut 30,000 jobs worldwide with about 23,000 of the losses borne in Germany.
     VW, still dealing with the aftermath of the emissions-cheating scandal, aims to rejuvenate its core brand, and develop new electric and self-driving cars.
     VW says it will create 9,000 jobs as part of investments in new products.
     The cuts should bring annual savings of €3.7bn (£3.2bn; $3.92bn) by 2020. VW and unions have been hammering out a plan to revive its fortunes since June.
     Volkswagen chief executive, Matthias Mueller, said it was "the biggest modernisation programme in the history of the group's core brand".
     "The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be," he added.
     The car giant - which employs 610,000 people in 31 countries - wants to increase the brand's profit margin from 2% to 4% and to do this it will need to improve productivity at its German plants by 25%.
     It has 120,000 workers in Germany so the cuts represent a fifth of employees in its heartland.
     Volkswagen has pledged there will be no compulsory redundancies and the top staff representative in Germany, Bernd Osterloh, said the new models would be built there: "The next generation of electric vehicles will be made here in Germany, not abroad."

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