VW brand to cut up to 7,000 jobs for 5.9 billion euro annual savings goal •


VW brand to cut up to 7,000 jobs for 5.9 billion euro annual savings goal •
FILE PHOTO: A Volkswagen badge on a production line at the Volkswagen plant in Wolfsburg, Germany, March 1, 2019. REUTERS/Fabian Bimmer/File Photo

In Summary

  • Volkswagen on Wednesday said it will shrink its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core VW brand by 2023 in a bid to raise VW’s operating margin to 6 percent.

Volkswagen on Wednesday said it will shrink its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core VW brand by 2023 in a bid to raise VW’s operating margin to 6 percent.

Volkswagen on Wednesday said it will shrink its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core VW brand by 2023 in a bid to raise VW’s operating margin to 6 percent.

“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.

 

For Citizen TV updates
Join @citizentvke Telegram channel



Video Of The Day: Kenyan teacher wins 2019 Global Teacher Award

Story By Reuters
More by this author