Volkswagen to cut up to 7,000 jobs

Volkswagen AGHerbert Diess, left, CEO of the Volkswagen AG, and Frank Witter, right, CFO of the Volkswagen AG, attend the annual press conference of the car manufacturer Volkswagen AG in Wolfsburg, Germany, Tuesday, March 12, 2019. (Christophe Gateau/dpa via AP)

Volkswagen announced that it will cut up to 7,000 jobs by 2023 due to the transition to producing more
electric cars.

Volkswagen said automation of routine tasks will lead to a loss of between 5,0000 and 7,000 jobs over the next few years. It is envisaged that the cuts will take place through voluntary schemes.

As many as 11,000 employees will also retire in the next few years.

“Volkswagen will increase the pace of restructuring and will take important steps throughout the year to strengthen our competitiveness” the company said in a press release.

© NTB Scanpix / #Norway Today