VW brand to cut up to 7,000 jobs in bigger savings push

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Return on sales for VW's namesake brand a year ago fell to 3.8 per cent from 4.2 per cent because of higher spending on future electric models and production bottlenecks triggered by stricter emission rules in Europe. Here too there's been inflation at play: the company had previously given itself a target of 15 million in the same time frame.

Chief operating officer of the VW brand Ralf Brandstaetter said in a statement the changes would "make Volkswagen fit for the electric and digital era". To align itself properly to fund this EV strategy, the company is looking at making or considering several other moves. It gauges that the mechanization of routine errands will result in the loss of somewhere in the range of 5,000 and 7,000 employments by 2023 and that around 11,000 specialists will be qualified for retirement in the coming years.

This "review" is very unlikely to include Porsche, one of the Group's most profitable brands now along with Skoda. The platform was developed specifically for electric vehicles, both large and small, allowing the company to avoid having to create multiple platforms.

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There have been rumours that the company may want to sell some of the non-core brands it owns, like Ducati, Scania and MAN.

Volkswagen will start accepting pre-orders for the upcoming I.D. hatchback on May 8. That is, finally, about to change.

Volkswagen states that first adopters of the I.D. will receive special, launch-edition cars, but has not specified how these will stand out from subsequent models.

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But with this transformation to electric vehicles, Volkswagen is also looking at cutting up to 7,000 jobs by 2023. VW said its MEB architecture aims to "consolidate electronic controls and reduce the number of microprocessors, advance the application of new driver-assistance technology and somewhat alter the way cars are built".

The VW brand now employs about 185,000 people around the globe. The brands under its umbrella include Audi, Bentley, Bugatti, Ducati, Lamborghini, MAN, Porsche, Scania, Seat, Skoda, Volkswagen, and Volkswagen Commercial Vehicles.

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