Volkswagen to cut 5,000 jobs by 2023, Handelsblatt reports

Volkswagen prepares to cut an extra 5,000 administrative jobs at its namesake brand by 2023 as part of a cost-cutting strategy, German daily Handelsblatt reported, citing unnamed sources.

The job cuts, which are to be implemented in 2020, are part of CEO Herbert Diess’s plan to enhance the automaker’s earnings by 5.9 billion euros, according to the report.

The cost-cutting plans haven’t been discussed with Volkswagen’s works council yet, Handelsblatt added.