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Last update: 27 november 2023
Volkswagen is working on a plan to save 10 billion euros ($10.9 billion) by making changes to how they do things. The head of the company's brand, Thomas Schaefer, says that their cars are not competitive because they cost too much to make and are not very productive.
To achieve these savings, they will reduce the number of workers, but they won't fire anyone until 2029. Instead, they will focus on agreements for early retirement.
Most of the cost-cutting will come from making other changes in the company to work more efficiently and get rid of unnecessary expenses. Volkswagen wants to make their cars better and cheaper to compete effectively in the market.