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Volkswagen agrees to cut 30,000 jobs worldwide

Volkswagen agrees to cut 30,000 jobs worldwide

Snapshot: According to Herbert Diess, the head of the VW brand, these job cuts will make the company leaner, and efficient. Additionally, he also mentioned that this is a significant stride forward and without a doubt one of the greatest step ever in the history of the brand.

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The Bavarian car maker Volkswagen is planning to cut 30,000 jobs worldwide over the next four years. They are looking to mechanize the process of car making, which will help to cut the cost of car production. The company is recently looking to increase its profit, which has been hit by the emission scandal that has resulted in a fine of $14.7 billion. 

The officials has announced the news of the job cuts in a recent news conference at the company's headquarters in Wolfsburg, Germany. The most effected employees are likely to hail from the company’s home soil. A total of 23,000 employees are likely to be axed in Germany. VW group has a total of 600,000 employees around the globe, which makes the group one of the largest employer in the world.

The company is now targeting to cut around 5% of its workforce, which will help to improve operating margins and freeing up resources, that will eventually lead to better funding in the company's transformation into electric and self-driving cars.

The company is still recovering from the emission scandal that has hit the company last year. The company has already admitted that it has equipped around 11 million diesel cars with softwares that helps them to cheat tests. Due to the scandal VW has seen its first annual loss after more than two decades. 

According to Herbert Diess, the head of the VW brand, these job cuts will make the company leaner, and efficient. Additionally, he also mentioned that this is a significant stride forward and without a doubt one of the greatest step ever in the history of the brand.

Till now the Volkswagen group owns various brands like Volkswagen passenger cars, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. 

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