Volkswagen Slashing Up to 7,000 Jobs to Boost R&D by $9 Billion

Volkswagen Golf Mk8 launch pushed back to 2020

Volkswagen Golf Mk8 launch pushed back to 2020

"The current year will be a key year for the transformation of the brand", according to VW, which expects its new savings program to increase profits by 5.9 billion euros (6.6 billion USA dollars) from 2023.

Volkswagen AG's main vehicle brand plans to deepen cost cuts and ax more jobs as profits slip in the industry's shift to electric and self-driving cars.

The carmaker's Audi and Porsche brands made up the lion's share of VW Group's operating profit. That's ambitious considering it made fewer than 50 00 battery-only vehicles previous year.

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The VW brand is targeting a 6 percent margin in 2022.

December saw the group announce a €3 billion savings drive for its own-brand division on top of an existing restructuring, which is set to cost some 21,000 jobs worldwide.

The 5.9 billion euro target for 2023 comes on top of the 2020 target, the company said. At the same time, VW expects to create 2,000 new jobs in the areas of software development and electronic architecture.

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Diess, who also heads the VW brand, has been axing slow-selling models and vehicle variants to reduce complexity. Order books for the electric I.D. hatchback open May 8, and sales chief Juergen Stackmann said feedback from dealers is so strong that the model might be sold out before its official presentation in September. Instead, VW will unveil the next iteration of Europe's most popular auto at some point after the IAA show in Germany as a move to give the Golf VIII the "exclusivity it deserves". Most other carmakers that lack VW's capacity have opted to build electric vehicles that work in conjunction with their now combustion models. MEB is a modular vehicle platform for electric cars developed by Volkswagen and its subsidiaries.

Volkswagen, on the other hand, is planning to completely retool a large number of its production plants to specifically manufacture brand new electric platforms. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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