Audi to Cut Up to 9,500 Jobs by 2025

Date : 11/26/2019 @ 1:24PM
Source : Dow Jones News
Stock : Volkswagen AG (VOW3)
Quote : 177.52  0.94 (0.53%) @ 4:35PM

Audi to Cut Up to 9,500 Jobs by 2025

Volkswagen (XE:VOW3)
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   By Pietro Lombardi 
 

Audi AG (NSU.XE) has reach an agreement with its works council to cut up to 9,500 jobs by 2025.

Volkswagen AG's (VOW.XE) luxury-car maker said Tuesday that this will happen through employee turnover and early retirements.

"An equivalent percentage staff reduction will take place in management," it said.

The workforce reduction is part of an agreement reached with employee representatives that is expected to have a positive effect on earnings of roughly 6 billion euros ($6.6 billion) by 2029.

"The decisions relate in particular to the optimization of production capacities at the two German plants and socially responsible workforce adjustments while extending job guarantee up to the end of 2029," it said.

The company excludes terminations for operational reasons until the end of 2029. It also plans to create up to 2,000 new positions in areas like electric mobility and digitization, for which internal candidates will have priority.

The plans "will increase productivity and sustainably strengthen the competitiveness of our German plants," Chief Executive Bram Schot said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

November 26, 2019 08:09 ET (13:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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