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Volkswagen Plans 30,000 Job Cuts Worldwide

December 02, 2016

No of Views : 415

With different exciting news, always been revolving in the world of automotive industry. Volkswagen is still dealing with the aftermath of the emissions-cheating scandal and aims to rejuvenate its core brand, and develop new electric and self-driving cars. Volkswagen has broadcasted plans to cut 30,000 jobs on an international scale with about 23,000 of the losses borne in Germany. It says it will create 9,000 jobs as part of investments in new products. Matthias Mueller who is the chief executive of Volkswagen gave his following words; "the biggest modernization program in the history of the group's core brand. The VW brand needs a real shake-up and that is exactly what the future pact has turned out to be," The car giant - which employs 610,000 people in 31 countries - wants to increase the brand's profit margin from 2% to 4% and to do this it will need to improve productivity at its German plants by 25%. It has 120,000 workers in Germany so the cuts represent a fifth of employees in its heartland.