Despite high profits in 2018, German carmaker Volkswagen has announced heavy job cuts. The company has said it would reinvest the money saved into developing electric vehicles.
Volkswagen announced that it is planning to cut between 5,000 to 7,000 jobs by 2023 to lower operating costs by €5.9 billion.
Volkswagen, Europe’s largest automaker, is expected to invest €19 billion over the next five years in developing cleaner electric vehicles and electromobility technology.
Volkswagen reported sales of €235.8 billion in 2018, at a net profit of €12.15 billion.
Via Deutsche Welle
