VW to Cut Up to 30,000 Jobs
Troubled car maker Volkswagen has announced plans to cut up to 30,000 jobs over the next five years in an attempt to cut costs, and boost the bottom line, following the recent emissions scandal.
The stakes are indeed high. The VW brand has struggled with profitability for years. Compounding the problem is VW’s own self-inflicted wound – illegally equipping nearly 11 million diesel cars to cheat on emissions tests. For that transgression, , the company has been forced to pay settlement costs and compensation to consumers of more than $19 billion.
Ultimately, VW says it wants to increase productivity of its German factories by 25%.
Despite the current crisis, VW is also redirecting Volkswagen’s investment toward new technology, particular in electric and self-driving cars.
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