VW Slashes 7,000 Jobs to Refocus on Electric Cars
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The cuts are expected to be partially offset by 2,000 new hires specializing in developing electric vehicles
BERLIN: Volkswagen AG plans to cut as many as 7,000 administrative positions over the next five years amid an industrywide scramble to slash costs and make room on the balance sheet for heavy spending on electric and self-driving cars.
The German auto maker said Wednesday that the job cuts will be at its namesake VW brand, the company’s biggest division. The cuts would amount to about 6% of the brand’s domestic workforce of 119,394 employees.
Source: wsj
