Audi has said it will cut up to 9,500 jobs at its German production sites over the next five years, in a move that the carmaker says will free up €6bn for investment in electric vehicles and digital technologies.
The VW brand also announced that it would extend job guarantees for operational workers until 2029, and stressed that it was on track to achieve double-digit profit margins despite the costs of the transition away from combustion engines.
The Ingolstadt-based firm’s profits have been sagging, with the company citing investments in new products and technologies and higher personnel expenses, as it readies two German factories for electric vehicle production. It employs around 62,000 workers in Germany.
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