Volkswagen has announced a 10 billion euro savings program that will feature staff reductions as part of its efforts to boost efficiency in the shift to electric vehicles. The carmaker’s brand chief, Thomas Schaefer, emphasized the need to address high costs and low productivity, which have made its cars less competitive.
While Volkswagen had previously committed to no dismissals until 2029, it now aims to leverage partial or early retirements to reduce its workforce. The company also stated that the majority of the cost-cutting target will involve measures other than personnel reductions, with specific details to be outlined by year-end.