Thursday 19 January 2017

Volkswagen to shed 30,000 jobs to cut costs after emissions scandal

PA Reporters

Published 18/11/2016 | 09:36

Some 23,000 of the job cuts will come in Germany (Stock picture)
Some 23,000 of the job cuts will come in Germany (Stock picture)

Volkswagen is to shed 30,000 jobs to cut costs as it tries to recover from its diesel emissions scandal.

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Company officials said at a news conference at headquarters in Wolfsburg, Germany, that 23,000 of the job cuts will come in Germany.

It said the measures will save some €3.7bn a year from 2020 and enable it to invest more in electric-powered vehicles and digital services.

Volkswagen has agreed to pay $15 billion under a settlement with US authorities and owners of some 500,000 vehicles with software that turned off emissions controls.

Around 11 million cars worldwide have the deceptive software.

The company has said it aims to cut non-essential costs and investments and shift investment toward battery-powered cars and services such as car-sharing and ride-sharing.

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