Volkswagen’s supervisory board is talking about a five-year spending plan amounting to over 70 billion euros ($82.5 billion) to become leader in electric cars, an individual knowledgeable about the talks informed Reuters. The board is anticipated to accept the capital and development spending targets on Friday, the individual said. The investments will likely be made
Volkswagen on Tuesday stated almost 9,300 staff had agreed to an early retirement plan, helping the automaker to bring down costs. “We are rapidly approaching our target of 9,300 contracts signed. Workers who wish to take partial early retirement should make their decision by July 31,” Volkswagen’ board member for Human Resources Karlheinz Blessing stated.
Audi has dismissed forced redundancies in Germany prior to 2020, its labor employer stated, extending job guarantees by two years even as the Volkswagen-owned automaker grapples with the fallout from the automaker’s emissions scandal. Volkswagen flagship luxury division reduced its projection for profitability and sales in late October after sustaining further costs associated with the
Volkswagen and its labor unions consented to cut 30,000 jobs at the core Volkswagen brand in exchange for a commitment to prevent forced redundancies in Germany till 2025, a compromise which leaves the automaker’s success still lagging competitors. The turnaround plan revealed on Friday will result in 3.7 billion euros ($3.9 billion) in annual savings