Apple infringed three Qualcomm patents, jury finds
Anil Ambani thanks brother Mukesh for 'timely support' in clearing RCom dues
Trump Slams General Motors CEO in Person Over Plant Closures
Major Government Contractor Interserve To Enter Into Administration
Volkswagen says to cut up to 7,000 jobs at VW brand
14 March 2019, 12:46 | Joann Bryant
A Volkswagen electric car charges at a power station in Berlin
"We will significantly step up the pace of our transformation so as to make Volkswagen fit for the electric and digital era", VW brand COO Ralf Brandstaetter said.
The VW Group insisted redundancies would not be necessary and the cuts would be achieved by not replacing workers as they retire. VW has been pushing to rein in bloated expenses to lift profitability that's trailing rivals.
The company also disclosed that operating profit at its core Volkswagen brand, one of its 12 brands, fell to 3.2 billion euros ($3.6 billion) from 3.3 billion euros previous year as the company faced bottlenecks certifying vehicles under new emissions tests.
Labour costs are a "big concern" that risk derailing a much needed streamlining of operations, VW Chief Executive Officer Herbert Diesstold investors on Tuesday. Zwickau will also build electric cars for Volkswagen's Seat and Audi brands.
The cuts are meant to lift the brand's profit margins to 6 percent, up from 3.8 percent previous year.
Most of the job cuts are expected to be carried out through retirement offers. At the same time, the company plans to add 2,000 jobs in research and development. The company noted in a statement that "with regard to all measures, Volkswagen has given its workforce a job security guarantee until at least 2025".
Volkswagen stuck to its outlook, reiterating that it expects revenues to grow up to 5%, and to deliver an operating return on sales at group level of between 6.5-7.5% in 2019. It will boost investment in future technology to €19bn through 2023, an increase of€8bn.
"Given the interest in the I.D. family shown by our dealers, I think it is possible that the launch edition will already have sold out before we unveil the I.D.in September", stated Jürgen Stackmann, Volkswagen's board representative for sales, in the conference. VW declined to say how many cars would be produced for the launch edition.
Beto O’Rourke teases presidential bid on Vanity Fair cover
I do". "Man, I'm just born to be in it, and want to do everything I humanly can for this country at this moment", O'Rourke said. The article highlights the struggle O'Rourke had in making a decision based on his feelings and the hesitations of his family.
China's dissent on Azhar counters mutual goals
FM Qureshi also underlined measures Pakistan had taken to defuse tensions, including the decision to release the Indian pilot. Their moves to blacklist Azhar in the UNSC were blocked by China, the all-weather ally of Pakistan .
Brexit hangs in balance over tweaked deal
If the deal is voted down once again, on the following two days the lawmakers are expected to discuss and vote on two amendments. May flew to Strasbourg, France, late Monday for talks with European Commission President Jean-Claude Juncker.
Gillibrand defends handling of sexual harassment allegations
Then Politico spoke with ex-staffers, as the complainant suggested - none of whom the senator's people had bothered to contact. Al Franken to resign in 2017 following allegations of harassment against him dating back to his Hollywood career .
Huge demand for MMR vaccine amidst Canterbury measles outbreak
Canterbury's District Health Board said: "The number of confirmed cases.is likely to rise further over the coming days and weeks". Thousands of MMR vaccines are being delivered to Canterbury as its measles outbreak widens to 20 confirmed cases this weekend.