Volkswagen officials announced that the company will cut 30,000 jobs worldwide in an effort to save $3.9 billion USD after their emissions-cheating scandal.
At a press conference in Wolfsburg, Germany, the officials said 23,000 of the 30,000 cuts would be cut from Germany, and they agreed to refrain from any other force layoffs until 2025.
"We will be strengthening the company's economic viability and competitiveness and will be safeguarding the future of our plants," Volkswagen brand chairman Herbert Diess said in a statement according to USA Today.
Furthermore, Volkswagen said they would invest in electric vehicles, car-sharing services and self-driving technologies.
“This is a big step forward, maybe the biggest in the company’s history,” Diess said at the press conference according to Bloomberg. “All manufacturers must rebuild themselves because of the imminent changes for the industry. We need to brace for the storm.”
The company, according to USA Today, is expected to add 9,000 different positions to further its electric and autonomous vehicle strategies.
