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At Volkswagen’s annual media conference in Wolfsburg, VW commented on its new strategy to cut from 5,000 up to 7,000 jobs by 2023. Through reducing such operating costs, VW aims to save 5.9 billion Euro
($6.7B). The German automaker will invest the savings in its top-selling division – which generates more than a third of the company’s total sales – in an attempt to raise the operating margin to 6%. Last year, the brand’s operating margin fell to 3.8% where Peugeot read a margin of 8.4%.
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