Cars and Drivers
Volkswagen to Cut 23,000 Jobs
Published:
Last Updated:
Google Translation of Volkswagen statement:
The Board of Management and the General Works Council of Volkswagen signed a future pact in Wolfsburg after constructive negotiations. He is leading the return of the Volkswagen brand to a profitable growth path. The program for the German locations with around 120,000 employees is intended to significantly improve the competitiveness of the Volkswagen brand and make the company future-proof. It creates the prerequisites for the transition from a pure automobile manufacturer to a successful mobility provider in the age of digitization and increasing electromobility. The focus is on a reorientation across the entire value chain. As early as 2020, the Volkswagen brand wants to be completely relaunched. Operational terminations are excluded. The reduction of jobs is socially acceptable. At the same time, new jobs are being built in the future. In concrete terms, the future pact is expected to lead to a positive earnings effect of € 3.7 billion annually by the year 2020; Of which EUR 3.0 billion is attributable to the German sites. The planned investments in future projects in the coming years amount to around 3.5 billion euros. This involves a staff structure of 9,000 positions. In Germany, this represents a socially acceptable reduction of up to 23,000 jobs in conventional areas.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
