Volkswagen to cut up to 7000 jobs at VW brand

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The VW auto brand, which accounts for about half of the group's global deliveries, employs about 185,000 workers out of a total workforce of 650,000. VW has been pushing to rein in bloated expenses to lift profitability that is trailing rivals.

In an attempt to become one of the largest electric vehicle manufacturers in the world, Volkswagen AG has announced that it will be increasing its electric vehicle target by as much as 50 percent in the coming years. Tesla's approach "is right, ' rather than building platforms for both electric and combustion engine cars as some traditional automakers have done, VW Chief Executive Officer Herbert Diess told analysts Tuesday".

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement of staff working in administrative positions at the company's headquarters in Wolfsburg, Germany, will help reduce the workforce by 5,000 to 7,000, it said.

So far, VW has realized around 2.4 billion euros of the planned 3 billion annual cost savings by 2020. "We are on track", Brandstaetter said.

At least for now, any jobs cuts will be voluntary.

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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 19 billion euros through 2023, an increase of 8 billion euros.

VW will start producing the first model of its all-electric ID auto range toward the end of this year.

The first electric vehicle on the platform - the "ID" - will hit showrooms in 2020 and VW expects the launch edition to sell out, VW's board member for sales Juergen Stackmann said.

MAMMOTH German carmaker Volkswagen (VW) massively expanded on Tuesday its plans for electric vehicle sales in the coming decade, as its scramble to meet tougher greenhouse emissions targets has already begun weighing on profitability. 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".

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