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

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.