Volkswagen will cut between 5,000 and 7,000 jobs at
its core VW brand over the next five years as part of efforts to
improve earnings by 5.9 billion euros (6.7 billion dollars) annually,
the German carmaker said Wednesday.
It said the losses would be the result of the automation of routine
tasks but that retirements would help absorb some of the losses and
that another 2,000 jobs would be created in technical development.
The company is investing huge amounts of money in modernizing its IT
systems and is also planning to reduce its range of models and cut
material costs.
"The measures from the earnings improvement programme will enable our
brand to achieve a competitive return level of 6 per cent in 2022,"
board member Arno Antlitz said in a statement.
