Volkswagen and its powerful labour unions agreed to cut 30 000 jobs at the core VW brand in exchange for avoiding forced redundancies in Germany until 2025, a compromise which leaves the carmaker’s profitability still lagging rivals. The turnaround plan announced on Friday will lead to €3.7-billion ($3.9-billion) in annual efficiency gains and lift the VW brand’s operating margin to 4% by 2020, from an expected 2% this year.
Source: www.engineeringnews.co.za
Volkswagen to cut 30 000 jobs at VW brand by 2020
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