Volkswagen says to cut up to 7,000 jobs at VW brand
Volkswagen says to cut up to 7,000 jobs at VW brand
AMBITIOUS PLANS Volkswagen says they plan to introduce two new models per year in the United States
14 March, 2019, 12:44
"We have already achieved a great deal with the pact for the future: but there is still much more to do if we are to manage the challenges facing us beyond 2020 as well", COO Ralf Brandstätter said in a statement.
Volkswagen will cut up to 7,000 positions, aim to boost productivity and deliver 5.9 billion euros (5.1 billion pounds) of annual savings at its core VW brand by 2023, in its latest attempt to raise profitability at its top-selling division.
The VW Group insisted redundancies would not be necessary and the cuts would be achieved by not replacing workers as they retire. The company works council has warned VW's management against treating administration and production workers differently in offering the possibility of semi-retirement.
The company also disclosed that operating profit at its core Volkswagen brand, one of its 12 brands, fell to 3.2 billion euros ($3.6 billion) from 3.3 billion euros a year ago as the company faced bottlenecks certifying vehicles under new emissions tests.
At the same time, VW will create 2,000 new software jobs, as well as electronics positions in technical development, it said. Diess, who also heads up the VW brand, has been axing slow-selling models and vehicle variants to reduce complexity.
At the VW brand, executives aim to lift their profit margin to 6.0 percent by 2022, compared with 3.8 percent past year.
Volkswagen said it will launch nearly 70 new electric models by 2028, accelerating its rollout of zero-emission cars.
The first electric vehicle on the platform - the "ID" - will hit showrooms in 2020 and VW expects the launch edition to sell out, VW's board member for sales Juergen Stackmann said.
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