VW to cut 30,000 jobs as it struggles to recover from emissions cheating scandal
Frankenthal — Volkswagen intends to cut 30,000 jobs by 2020 as part of a huge savings plan aimed at helping the German auto giant recover from the dieselgate emissions cheating scandal, a German newspaper reported Friday. The plan, which has been agreed with labour representatives after months of tortuous negotiations, will lead to annual savings of €3.7bn, according to the Handelsblatt business daily. Two-thirds of the job losses will be at VW plants in Germany, the others in North America and Brazil, the report said, citing sources close to the talks. There will be no forced layoffs, with most of the job cuts stemming from employees who are retiring, it said. Europe’s largest car maker was due to announce the details of the so-called Future Pact in a press conference at 8.30 GMT. The plan also safeguards investment in electric cars, in line with the VW group’s shift to environment-friendly vehicles in the wake of dieselgate. The group was plunged into crisis last year after it adm...
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