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profishingrods.com March 19, 2019


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

Content image- Phnom Penh Post

"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 Diess told 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.



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