VW brand to cut up to 7000 jobs in new savings drive

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German automaker Volkswagen say it will eliminate up to 7,000 jobs by 2023 as it seeks to accelerate its transition to electric vehicles, although the cuts should be achieved via retirement offers.

It estimates that the automation of routine tasks will result in the loss of between 5,000 and 7,000 jobs by 2023 and that around 11,000 workers will be eligible for retirement in the coming years.

The cuts are meant to lift the brand's profit margins to 6 percent, up from 3.8 percent a year ago.

The Volkswagen I.D. will be a hatchback built on the company's "MEB" modular electric vehicle platform.

Its VW brand delivered €3.2 billion in operating profit before special items, the carmaker said.

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The new cost cutting drive is a continuation of Volkswagen's 3 billion euros Zukunftspakt savings plan. The brand has achieved €2.4bn in savings so far and a net reduction of more than 6,300 positions, despite adding 2,700 jobs including in software operations, VW said Wednesday.

FILE PHOTO: An employee holds a Volkswagen logo in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019.

Volkswagen said it will launch nearly 70 new electric models by 2028, accelerating its rollout of zero-emission cars.

"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 will start building the ID at a factory in Zwickau, Germany, which has maximum annual production capacity of 330,000 models. Diess, who also heads up the VW brand, has been axing slow-selling models and vehicle variants to reduce complexity.

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