Volkswagen plans 23,000 job cuts in Germany
Volkswagen has announced plans to cut 23,000 jobs in Germany in order to make €3.7bn (£3.2bn, $3.92bn) in annual savings by 2020.
The company, which is still dealing with the aftermath of the emissions-cheating scandal, is aiming to rejuvenate its core brand, and develop new electric and self-driving cars.
VW and unions have been hammering out a plan to revive its fortunes since June.
It hopes to be able to increase the brand's profit margin from 2% to 4%.
To do this it will need to improve productivity at its German plants by 25%.
- 11:44 Ex-police chiefs among six charged over Hillsborough disaster
- 11:44 A man in Sydney has a travelcard implanted under his skin
- 11:43 Bereaved families offered safe place in Doncaster
- 11:43 Hillsborough charges: Do not give suspects chance to claim they can...
- 11:43 Hearts face Celtic, Kilmarnock, Rangers and Motherwell AWAY after...
- 11:43 Hotpoint fridge-freezer warning after Grenfell Tower Fire
- 11:43 Birmingham City Council to launch energy company to take on 'failed...
- 11:43 BREAKING: Six individuals to face charges over Hillsborough disaster
- 11:43 New hotel could be on the cards for Warwick
- 11:42 Six people charged over Hillsborough disaster including match...
- 11:42 Coventry City transfers: Mystery player pictured during pre-season...
- 11:42 BREAKING: Six individuals to face charges over Hillsborough disaster
- 11:42 Three injured after van ends up in ditch at Beeford
- 11:42 What Manchester United manager Jose Mourinho has said about Nemanja...
- 11:42 Cumbria to be in fine voice for singing legend's return
- 11:42 'Precautionary' fire checks to be carried out within area's care...
- 11:41 Muslim children seek counselling after being called terrorists...
- 11:41 Operation underway to remove restaurant boat from Hartlepool Marina
- 11:41 BREAKING: Six individuals to face charges over Hillsborough disaster
- 11:41 Iconic Flying Scotsman steam train set to arrive in Melton
- 11:41 Man Utd Transfer News LIVE updates: Morata crunch talks, Galbraith...
- 11:41 Duckinfield, Bettison and others charged over Hillsborough disaster
- 11:41 Father and daughter to do 10,000ft skydive
- 11:41 Pair complete 24-hour walking marathon
- 11:40 Five friends have been recreating the same college photo since 1982
- 11:40 BREAKING: M1 closed in both directions in South Yorkshire due to...
- 11:40 Positive response received for Louth school changes
- 11:39 Government invests £340,000 to remodel Harrogate A&E department
- 11:39 'Precautionary' fire checks to be carried out within area's care...
- 11:39 Free nursery places for 1,500 needy children to be CUT by...